Consumers can choose from hundreds of different kinds and producers of cheese,each with a slightly different flavor and texture.This type of market structure is known as _____.

Question

Quizplus · Accepted Answer

Monopolistic competition is characterized by many producers offering products that are similar but not identical, allowing for differentiation based on qualities like flavor and texture. This fits the description of the cheese market.

Consumers Can Choose from Hundreds of Different Kinds and Producers