1
Question
The market state that satisfy all the essential features of a perfect competitive market except identity of product is known as __________.
The market state that satisfy all the essential features of a perfect competitive market except identity of product is known as __________.
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Solution
The correct option is D monopolistic competition
In a monopolistic
market, there are large number of buyers and sellers in the market who deals in differentiated products which are close substitutes of each other due to which a
monopolist is only able to maximize it's profit through other promoting
techniques like sale promotion, packaging, advertisement etc. which involves huge
selling costs which makes it a unique feature of this market.
In a monopolistic market, there are large number of buyers and sellers in the market who deals in differentiated products which are close substitutes of each other due to which a monopolist is only able to maximize it's profit through other promoting techniques like sale promotion, packaging, advertisement etc. which involves huge selling costs which makes it a unique feature of this market.
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