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Economics
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29 Oct 2020

If the market has similar but not identical products, then which market structure does it fall in?

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Microeconomics
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Explain functioning of Monopolistic Competition and Oligopoly
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Paramjeet Chawla
Paramjeet ChawlaLv8
29 Oct 2020

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Related questions

A monopolistically competitive market is described as one in which there are:

1. a few firms producing differentiated products.

2. a large number of firms selling similar, but not identical, products.

3. one large firm and many small firms producing identical products.

4. a few firms producing an identical product.

11. Which of the following is not a property of a competitive market? (a) Many sellers with no influence on the market price. (b) Many buyers with no influence on the market price. (c) Sellers sell similar but different products. (d) All sellers sell identical products.

What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive, there must be:

A. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market.

B. many buyers and sellers, with firms selling similar but not identical products, with low barriers to new firms entering the market

C. many buyers and a few sellers, with all firms selling identical products, and no barriers to new firms entering the market.

D. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market.

E. many buyers and a small number of firms that compete, selling differentiated products, and barriers to new firms entering the market.

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