A single movie theater in a small town or city means _____________.

perfect competition

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monopoly

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monopolistic competition

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both (a) and (b)

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Solution

The correct option is D monopolistic competition
Monopolistic competition refers to the competition where the market has large number of buyers and sellers who deals in differentiated products which are close substitutes of each other but not identical in nature. A single movie theater in a small town or city means monopolistic competition because it has close substitutes but due to more promotion of the movie theater people prefer this service.

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