Identify the market structure characterized by many small firms selling somewhat different products.
A)Monopoly
B)Monopolistic competition
C)Perfect competition
D)Duopoly

Question

Quizplus · Accepted Answer

The market structure characterized by many small firms selling somewhat different products is known as monopolistic competition. This is because there are many firms in the market, but each firm is able to differentiate its product in some way, which gives it some degree of market power.

Identify the Market Structure Characterized by Many Small Firms Selling