Suppose a market has many firms and each firm has some brand image.This type of market is called:
A) Duopoly.
B) Monopoly.
C) Monopolistic competition.
D) Oligopoly.

Question

Quizplus · Accepted Answer

A market with many firms and each firm having a brand image is a characteristic of monopolistic competition, where firms differentiate their products through branding and advertising to create a perceived difference in order to capture a larger share of the market. Duopoly, monopoly, and oligopoly markets do not necessarily have the same level of product differentiation or brand image focus.

Suppose a Market Has Many Firms and Each Firm Has