A(n)_______exists when a large number of firms produce goods that are similar but are perceived by buyers as being different.
A)monopolistic competition
B)monopoly
C)oligopoly
D)perfect competition

Question

Quizplus · Accepted Answer

Monopolistic competition refers to a market structure where there are many firms selling similar but slightly differentiated products. Each firm has some control over the price of its product, and there is some degree of competition. The perceived differences in products can come from branding, packaging, or other marketing efforts. This market structure is different from perfect competition, where firms sell identical products, and a monopoly, where there is only one firm in the market. Oligopoly refers to a market with only a few dominant players, who may collude or compete with one another.

A(n)_______exists When a Large Number of Firms Produce Goods That