Because most communities have a large number of similar but not identical substitutes,the market for florists is BEST considered to be:
A)a monopoly.
B)an oligopoly.
C)monopolistically competitive.
D)perfectly competitive.

Question

Quizplus · Accepted Answer

The market for florists is best considered to be monopolistically competitive because there are a large number of similar but not identical substitutes. This means that each florist has some degree of control over the price and quality of their products, but there are still many other competitors in the market. It is not a monopoly or oligopoly because there are multiple firms in the market, and it is not perfectly competitive because the products are not identical.

Because Most Communities Have a Large Number of Similar but Not