The market for dentists in most communities can be considered _____ because the market has a large number of similar but not identical dental services.
A)monopolistic competition
B)a monopoly
C)perfect competition
D)an oligopoly

Question

Quizplus · Accepted Answer

Monopolistic competition is a market structure in which there are many firms selling similar but not identical products. In the case of the dental market, there are many dentists offering similar services, but they are not identical due to differences in experience, equipment, location, and other factors. Thus, the market for dentists is best classified as monopolistic competition.

The Market for Dentists in Most Communities Can Be Considered