Asked by Lasha Petree on Jul 05, 2024
Verified
In which market model would there be a unique product for which there are no close substitutes?
A) monopolistic competition
B) pure competition
C) pure monopoly
D) oligopoly
Unique Product
A product that is different from others in the market due to distinctive features, design, or attributes that make it stand out.
No Close Substitutes
A market condition where a good or service has no similar alternatives, giving it a unique position and potentially more market power.
Market Model
A theoretical construct that describes how different types of markets operate and interact.
- Gain an insight into the nature of differentiated versus standardized products within diverse market frameworks.
Verified Answer
Learning Objectives
- Gain an insight into the nature of differentiated versus standardized products within diverse market frameworks.
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