In a market where firms are successful in convincing their customers that their product is different from their competitors' product but otherwise have no barriers to entry would be best characterized by
A) monopolistic competition.
B) a monopoly.
C) perfect competition.
D) an oligopoly market.

Question

Quizplus · Accepted Answer

In monopolistic competition, firms sell products that are differentiated from one another but are not perfect substitutes, and there are no significant barriers to entry.

In a Market Where Firms Are Successful in Convincing Their