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)].

Question

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)].

Quizplus · Accepted Answer

In a perfectly competitive market, the products sold are homogeneous, meaning they are identical. In a monopolistic competitive market, the products sold can be either homogeneous or differentiated. In an oligopoly, the products sold can be either homogeneous or differentiated. In a monopoly, the product sold is unique, meaning there is no close substitute available. Therefore, the option that correctly identifies the type of product sold in each market is Option D: homogeneous; differentiated; homogeneous or differentiated; unique.

Exhibit 24-9 ​ Refer to Exhibit 24-9

Exhibit 24-9 Refer to Exhibit 24-9