An industry that features many,relatively small,firms that produce close substitutes is called
A) pure monopoly.
B) imperfect oligopoly.
C) monopolistic competition.
D) oligopoly.
E) competitive oligopoly.

Question

Quizplus · Accepted Answer

Monopolistic competition features many small firms producing close substitutes, but each firm has some control over its price due to its unique product differentiation.

An Industry That Features Many,relatively Small,firms That Produce Close Substitutes