Ask Question
BusinessBusiness
2 August, 19:30

Monopolistic competition means:

A) a market situation where competition is based entirely on product differentiation and advertising.

B) a large number of firms producing a standardized or homogeneous product.

C) many firms producing differentiated products.

D) a few firms producing a standardized or homogeneous product

+1
Answers (1)
  1. 2 August, 22:36
    0
    Answer: Option C

    Explanation: In a monopolistic competition market structure, there are many producers selling their products and each product is not a perfect substitute of the other.

    The number of producers are large but each operate at a relatively smaller level. The products offered in the market are similar but not identical.

    Hence, from the above explanation we can conclude that option C is correct.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Monopolistic competition means: A) a market situation where competition is based entirely on product differentiation and advertising. B) a ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Suppose a hotel has annual fixed costs applicable to its rooms of $2,000,000 for its 300-room hotel. Average daily room rents are $50 per room and average variable costs are $10 for each room rented. It operates 365 days per year.
Answers (1)
Mandy's "save the whales" speech was very effective because she started off with some stories about whales, then she moved into facts, statistics, and sources.
Answers (1)
The person who would most likely be affected by changes in the business cycle is
Answers (1)
Financial accounting provides information for (internal/external) decision makers, while managerial accounting provides information for (internal/external) decision makers.
Answers (1)
Ceteris paribus GDP most closely measures: a) The rate of change in capital stock. b) Output per worker. c) The total value of all final goods and services produced within a nation's borders in a given year. d) A summary of the world's output.
Answers (1)
New Questions in Business
What term is used to describe a type of purchasing arrangement where a seller holds an item for the buyer and allows the buyer to pay it off in a series of payments?
Answers (1)
Given a normal market demand curve for leather wallets and purses, if people find that backpacks are a better option, then there is an increase in demand for leather wallets and purses. there is a decrease in demand for leather wallets and purses.
Answers (1)
Marvin, the CEO of Flexus Inc, believes in sharing problems faced by the company with his employees. He prefers getting ideas and suggestions from relevant employees on an individual basis rather than having group meetings.
Answers (1)
Karla tells jeff that she likes his team's idea about a new three-lace running shoe but wants him to put together some figures regarding anticipated sales, costs, and resulting profits.
Answers (1)
In a cooking context, which of the following materials is the best heat conductor? A. Gas B. Glass C. Any dense liquid D. Iron
Answers (2)
Home » Business » Monopolistic competition means: A) a market situation where competition is based entirely on product differentiation and advertising. B) a large number of firms producing a standardized or homogeneous product.
Sign Up Forgot Password?