The market structure characterized by many small firms, each attempting to differentiate its product through nonprice methods, is:
A) oligopoly.
B) monopoly.
C) pure competition.
D) monopolistic competition.

Question

Quizplus · Accepted Answer

Monopolistic competition is the market structure where many small firms compete against each other, but each one tries to differentiate its product from those of competitors through methods other than price, such as quality, brand, or unique features.

The Market Structure Characterized by Many Small Firms, Each Attempting