In a(n) ________ structure, there are many sellers, each offering slightly different products and each having only a small share of the market.
A) monopoly
B) oligopoly
C) monopolistic competition
D) perfect competition
E) natural competition

Question

Quizplus · Accepted Answer

Monopolistic competition is characterized by a large number of small firms that offer slightly differentiated products. In this structure, each firm has only a small share of the market, which means they cannot influence market price. This type of competition encourages creativity and innovation by firms, because they must constantly differentiate their products to remain competitive.

In A(n) ________ Structure, There Are Many Sellers, Each Offering