A market with many sellers, some influence over price, low barriers to entry, a differentiated product, and non-price competition often taking the form of advertising is known as
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.

Question

Quizplus · Accepted Answer

The description fits the characteristics of monopolistic competition, where there are many sellers with some influence over price due to differentiation, low barriers to entry, and non-price competition such as advertising. Perfect competition has no influence over price, while oligopoly and monopoly have higher barriers to entry and often have significant control over price.

A Market with Many Sellers, Some Influence Over Price, Low