If firms in a particular market sell similar or identical products, then the market is
(i)perfectly competitive.
(ii)monopolistically competitive.
(iii)an oligopoly.
A)(i) or (ii) only
B)(ii) or (iii) only
C)(i) or (iii) only
D)(i) only

Question

Quizplus · Accepted Answer

In a perfectly competitive market, firms sell identical products. In an oligopoly, firms may sell similar products. Monopolistically competitive markets involve differentiated products.

If Firms in a Particular Market Sell Similar or Identical