An industry has many firms that compete in it.While products between competitors tend to be similar,they are by no means identical.As a consequence,managers selling a product with unique features tend to have some ability to raise prices.This type of industry is an example of
A) oligopoly.
B) monopoly.
C) perfect competition.
D) monopolistic competition.

Question

Quizplus · Accepted Answer

Monopolistic competition has many firms, some pricing power, and differentiated product.

An Industry Has Many Firms That Compete in It