Large cities typically have many drugstores that offer different levels of service and product selection.The drugstore market in big cities can best be classified as
A)A competitive market.
B)Monopolistic competition.
C)Oligopoly.
D)Monopoly.

Question

Quizplus · Accepted Answer

Monopolistic competition is a market structure in which there are many firms selling differentiated products. In the case of drugstores in large cities, there are several competitors offering a range of products and services, but each store has its own unique characteristics that set it apart from the others. This creates a market that is highly competitive, but not a perfect competition since each company has some degree of control over its pricing and offerings, giving them some market power.

Large Cities Typically Have Many Drugstores That Offer Different Levels