Due to the existence of a large number of similar, but not identical, substitutes in most communities, the market for chiropractors is best considered:
A) an oligopoly.
B) perfect competition.
C) monopolistic competition.
D) a monopoly.

Question

Quizplus · Accepted Answer

The market for chiropractors is best considered monopolistic competition because there are a lot of similar substitutes, but not identical. There is also a lot of differentiation among chiropractors based on factors such as location, specialty, and personality, and there is no one dominant firm.

Due to the Existence of a Large Number of Similar