In the United States, the average person mostly patronizes firms that operate in
A)perfectly competitive markets.
B)monopolistically competitive markets.
C)oligopolies.
D)monopolies.

Question

Quizplus · Accepted Answer

The United States economy is largely based on a monopolistically competitive market structure in which firms differentiate their products to create a competitive advantage. This allows for greater choice and competition for consumers, making it more likely that they will patronize firms within this market structure. While oligopolies and monopolies also exist in the US economy, they are less prevalent and typically only occur in certain industries or product categories. Perfectly competitive markets are rare in the real world and do not accurately reflect the structure of most industries in the US.

In the United States, the Average Person Mostly Patronizes Firms