Because most communities have a large number of similar but not identical substitutes,the market for chiropractors is BEST considered to be:
A)an oligopoly.
B)perfect competition.
C)monopolistically competitive.
D)a monopoly.

Question

Quizplus · Accepted Answer

The market for chiropractors is characterized by monopolistic competition, where there are many providers of similar but not identical services. This means that chiropractors have some control over the prices they charge for their services, but they also face competition from other providers. In an oligopoly, there are only a few dominant firms in the market, while perfect competition and monopoly are at opposite ends of the spectrum with many small firms competing in the former, and a single dominant firm controlling the latter.

Because Most Communities Have a Large Number of Similar but Not