Asked by Savannah Fortson on Apr 24, 2024
Verified
Because most communities have a large number of similar but not identical substitutes,the market for florists is BEST considered to be:
A) a monopoly.
B) an oligopoly.
C) monopolistically competitive.
D) perfectly competitive.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, allowing for significant differentiation.
Florists
Professionals or businesses specializing in the arrangement and sale of flowers and ornamental plants for various occasions.
Similar Substitutes
Products or services that can be used in place of each other but share close similarities in features or functions.
- Determine the industries and products illustrating examples of monopolistic competition.
Verified Answer
Learning Objectives
- Determine the industries and products illustrating examples of monopolistic competition.
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