A market made up of many firms,each of which has some distinct brand image,is called:
A) A price-setting market.
B) A monopolistically competitive market.
C) A perfectly competitive market.
D) An oligopoly.

Question

Quizplus · Accepted Answer

A monopolistically competitive market is made up of many firms that offer similar but slightly differentiated products. Each firm has some brand image or uniqueness, which allows them to have some degree of pricing power. This market structure is characterized by low barriers to entry, a relatively large number of firms, and some degree of product differentiation.

A Market Made Up of Many Firms,each of Which Has