A market consisting of many firms,low barriers to entry,some control over price but considerable nonprice competition is characteristic of

Question

Quizplus · Accepted Answer

The market described is characteristic of monopolistic competition, where there are many firms, low barriers to entry, firms have some control over price but engage in significant non-price competition to differentiate their products. Perfect competition has no control over price or non-price competition, monopoly has high barriers to entry and complete control over price, and oligopoly has few large firms with significant control over price. Dictatorship is not a relevant economic term in this context.

A Market Consisting of Many Firms,low Barriers to Entry,some Control