The market for dentists in most communities can be considered a because there are a large number of similar but not identical substitutes in the market.
A)monopolistic competition .
B)a monopoly
C)perfect competition .
D)an oligopoly

Question

Quizplus · Accepted Answer

Monopolistic competition is characterized by a large number of firms selling similar but not identical products, meaning that there is some degree of product differentiation. This is true in the market for dentists as there are many dentists in most communities but they may offer slightly different services or have different specializations. Additionally, entry into the market is relatively easy, further indicating that it is not a monopoly or oligopoly. Perfect competition, on the other hand, assumes that there are many identical products in the market, which is not the case in the market for dentists.

The Market for Dentists in Most Communities Can Be Considered