A market with many firms that sell goods and services that are close substitutes for one another is called:

Question

Quizplus · Accepted Answer

Monopolistic competition is a market structure where a large number of firms compete by offering similar but slightly differentiated products. This means that consumers have a choice between different brands and the firms compete on price, quality, and marketing. Perfect competition is a market structure where all firms sell identical products, while a monopoly is a market where there is only one supplier of a good or service. Oligopoly is a market dominated by a few large firms selling identical or differentiated products.

A Market with Many Firms That Sell Goods and Services