Although all casual clothing ultimately provides the same purpose, companies such as The Gap strive to make their brand seem unique from the many other brands available on the market. The market for casual clothing can best be characterized as which of the following?

Question

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The market for casual clothing is characterized as monopolistic competition because there are many firms selling similar products but each firm tries to differentiate their brand through unique features or marketing strategies. This allows for some degree of price control and non-price competition which is not present in a pure competition market. An oligopoly market would have only a few dominant firms and a monopoly market would have only one dominant firm.

Although All Casual Clothing Ultimately Provides the Same Purpose, Companies