In a Given Market, a Large Number of Firms Sell

question 297

Multiple Choice

In a given market, a large number of firms sell a similar product. Consumers think that each firm's product is somewhat different from that of its competitors. This market is

• A) perfectly competitive.
• B) monopolistically competitive.
• C) equivalent to a monopoly because consumers think the products are different.
• D) equivalent to an oligopoly because consumers think the products are different.

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