Which of the following markets is characterized by the following: only a few firms in the industry, a fairly unique product, difficult entry into the industry, and spending for differentiation of the product?
A)perfectly competitive market
B)monopolistic competition
C)monopoly
D)oligopoly

Question

Quizplus · Accepted Answer

An oligopoly is characterized by only a few firms in the industry, a fairly unique product, difficult entry into the industry, and spending for differentiation of the product. In contrast, a perfectly competitive market has many firms selling identical products, easy entry and exit, and no control over the price by any individual firm. A monopolistic competition has many firms selling differentiated products, somewhat easy entry into the industry, and some control over price by individual firms. A monopoly has only one firm, no competition, and complete control over price.

Which of the Following Markets Is Characterized by the Following