question archive A market situation in which a large number of firms produce similar but not identical products is called: a) perfectly competitive
A market situation in which a large number of firms produce similar but not identical products is called: a) perfectly competitive
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A market situation in which a large number of firms produce similar but not identical products is called:
a) perfectly competitive.
b) oligopolistic behavior.
c) pure monopoly.
d) monopolistically competitive.
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- A market situation in which a large number of firms produce similar but not identical products is called d) monopolistically competitive.
A monopolistically competitive market has many companies competing to win consumers. Moreover, this market has product differentiation; that is, every company generates a good that differs slightly from those produced by rival companies.
