A(n)________ occurs when there are many buyers and sellers and little differentiation between products, but perceived differences between products among consumers.

Question

Quizplus · Accepted Answer

Monopolistic competition occurs when there are many buyers and sellers and little differentiation between products, but perceived differences between products among consumers. This means that consumers view the products as somewhat different, even though they may be functionally similar, and they may have different brand names or packaging. In this type of market, firms have some control over the price they charge for their products, but they are also subject to competition from other firms.

A(n)________ Occurs When There Are Many Buyers and Sellers and Little