The form of competition in which many sellers compete with their products on a substitutable basis within a price range is called
A)pure competition.
B)cross-market competition.
C)an oligopoly.
D)monopolistic competition.
E)a monopoly.

Question

Quizplus · Accepted Answer

The description in the question is characteristic of monopolistic competition, in which many sellers offer products that are similar but not identical, and therefore have some degree of control over the price they charge. Pure competition would involve identical products with no control over price, while oligopoly and monopoly involve a small number of dominant sellers with varying degrees of control over price. Cross-market competition is not a recognized term in economics.

The Form of Competition in Which Many Sellers Compete with Their