Asked by Ailsa Hansen on May 04, 2024
Verified
Monopolistic competition is a common form of market structure in the United States.
Monopolistic Competition
A market structure where many companies sell products that are similar but not identical, allowing for some degree of market power.
Market Structure
The organization and characteristics of a market, including the number and size of firms, product differentiation, and entry and exit barriers.
- Learn about the fundamentals of monopolistic competition and its unique features compared to other market forms.
Verified Answer
BZ
Benish ZubairMay 06, 2024
Final Answer :
True
Explanation :
Monopolistic competition is a common market structure characterized by many firms selling similar but not identical products, allowing for product differentiation and some degree of market power for individual firms. This structure is prevalent in many sectors of the U.S. economy, such as retail, restaurants, and apparel.
Learning Objectives
- Learn about the fundamentals of monopolistic competition and its unique features compared to other market forms.
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