A market characterized by many producers producing a similar yet differentiated product would be considered:
A)a monopoly.
B)a duopoly.
C)an oligopoly.
D)monopolistically competitive.

Question

Quizplus · Accepted Answer

A market characterized by many producers producing a similar yet differentiated product is known as a monopolistically competitive market. In such a market, each firm has a degree of market power due to product differentiation, but there are many firms competing in the market. This type of market structure is different from a monopoly, duopoly, and oligopoly, which each have their own specific characteristics.

A Market Characterized by Many Producers Producing a Similar Yet