Exhibit 24-9

-Refer to Exhibit 24-9. The type of product sold in a perfectly competitive market is ___________ [blank (D)]. The type of product sold in a monopolistic competitive market is ____________ [blank (E)]. The type of product sold in an oligopoly is _________ [blank (F)]. The type of product sold in a monopoly is ___________ [blank (G)].
A)unique; homogeneous or differentiated; differentiated; homogeneous
B)differentiated; homogeneous; homogeneous or differentiated; unique
C)homogeneous; homogeneous; differentiated; unique
D)homogeneous; differentiated; homogeneous or differentiated; unique

Question

Exhibit 24-9
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-Refer to Exhibit 24-9. The type of product sold in a perfectly competitive market is ___________ [blank (D)]. The type of product sold in a monopolistic competitive market is ____________ [blank (E)]. The type of product sold in an oligopoly is _________ [blank (F)]. The type of product sold in a monopoly is ___________ [blank (G)].
A)unique; homogeneous or differentiated; differentiated; homogeneous 
B)differentiated; homogeneous; homogeneous or differentiated; unique 
C)homogeneous; homogeneous; differentiated; unique 
D)homogeneous; differentiated; homogeneous or differentiated; unique

Quizplus · Accepted Answer

In a perfectly competitive market, products are homogeneous, meaning they are identical or very similar. In a monopolistic competitive market, products are differentiated, meaning companies offer products that are distinct in some way. In an oligopoly, products can be homogeneous (similar) or differentiated. In a monopoly, the product is unique because there is only one provider.

Exhibit 24-9 ​

Exhibit 24-9