Final answer:
Retailing in the United States is largely consolidated, referring to the dominance of large retail chains in the market. Businesses such as Amazon, which have harnessed the power of economies of scale, showcase the competitive pricing and business model adaptations to technology and globalization. Despite this, markets like those at the Mall of America show traits of monopolistic competition with many firms offering differentiated products.
Step-by-step explanation:
Retailing in the United States is largely consolidated. This means there is a prevalence of large retail chains that dominate the market, making for a fewer number of companies than one would find in a purely competitive market. The impact of consolidation can be seen in the vast economies of scale enjoyed by dominant players like Amazon, whose business model showcases significant advantages by utilizing large, computerized warehouses and offering competitive pricing due to lower costs.
Moreover, the retail market is influenced by the shift towards technology and globalization. Businesses face increased competition given the advancements in communication technologies and e-commerce platforms, which allows consumers to shop from a broader array of vendors globally. Even traditional brick-and-mortar businesses have adapted to this shift, with some offering high-order goods and services exclusively in larger, central urban areas.
In the context of monopolistic competition, as exemplified by the Mall of America, we can see a large number of firms selling similar but not identical products. This variety is indicative of a retail landscape that, while consolidated by big players, still offers a degree of differentiation through a multitude of retail stores specializing in various niches.