A market structure in which there are many firms selling products that are similar but not identical is known as
A)oligopoly.
B)monopoly.
C)monopolistic competition.
D)perfect competition.

Question

Quizplus · Accepted Answer

Monopolistic competition is a market structure where there are many firms selling products that are similar but not identical. This means that each firm has a small degree of market power, as they can differentiate their product with unique features, branding, or quality. There is also relatively easy entry and exit for firms in this market structure.

A Market Structure in Which There Are Many Firms Selling