There are many firms selling homogeneous or differentiated products in _____.

perfect competition

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oligopoly

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monopolistic competition

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none of these

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Solution

The correct option is C monopolistic competition
In a monopolistic market, the products are close substitutes of each other but they are not identical in nature. This is known as product differentiation where the nature of the product is similar with a slide variation in it.

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There are many firms selling homogeneous or differentiated products in _____.

The correct option is C monopolistic competitionIn a monopolistic market, the products are close substitutes of each other but they are not identical in nature. This is known as product differentiation where the nature of the product is similar with a slide variation in it.

The correct option is C monopolistic competition
In a monopolistic market, the products are close substitutes of each other but they are not identical in nature. This is known as product differentiation where the nature of the product is similar with a slide variation in it.