Which of the following terms refers to a market in which there are a large number of firms that differentiate their products?
A) an oligopoly
B) oligopolistic competition
C) perfect competition
D) monopolistic competition

Question

Quizplus · Accepted Answer

Monopolistic competition refers to a market structure where there are many firms but each has some degree of market power due to differentiation of their product. This means that each firm can charge slightly different prices for their product and consumers may perceive them as unique.

Which of the Following Terms Refers to a Market in Which