What is the term for a market structure where many producers of somewhat different products compete with each other?
A) monopolistic competition
B) monopoly
C) oligopoly
D) perfect competition

Question

Quizplus · Accepted Answer

This term describes a market structure where there are many producers offering products that differ in some way from their competitors. This differentiation may be based on product quality, branding, or other factors. Because there are many firms competing, no single firm has a dominant market position, so monopolistic competition is characterized by a lack of barriers to entry and exit. This type of competition can lead to innovation and consumer choice but may also result in higher prices due to firms' ability to differentiate their products.

What Is the Term for a Market Structure Where Many