What do economists call a market structure in which there are many firms selling products that are similar but not identical?
A)Perfect competition
B)Monopoly
C)Monopolistic competition
D)Oligopoly

Question

Quizplus · Accepted Answer

Monopolistic competition is a market structure in which there are many firms selling products that are similar but not identical. This means that each firm has some degree of market power, as their product is differentiated from their competitors, but there is still enough competition in the market to prevent any one firm from having complete control over prices. Perfect competition is a market structure in which there are many firms selling identical products, while a monopoly is a market structure in which there is only one firm selling a product with no close substitutes. An oligopoly is a market structure in which there are only a few large firms dominating the market.

What Do Economists Call a Market Structure in Which There