Monopolistic competition is a type of
A)oligopoly.
B)market structure.
C)price discrimination.
D)advertising strategy.

Question

Quizplus · Accepted Answer

Monopolistic competition is a market structure characterized by a large number of sellers who offer differentiated products that are close substitutes for each other. Unlike a monopoly or oligopoly, firms in monopolistic competition have some degree of control over the price of their products, but face competition from other firms offering similar products. This market structure is often associated with extensive advertising and brand differentiation.

Monopolistic Competition Is a Type of