Asked by Savannah Fortson on Apr 24, 2024

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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.
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ZK
Zybrea KnightMay 02, 2024
Final Answer :
C
Explanation :
The market for florists is best considered to be monopolistically competitive because there are a large number of similar but not identical substitutes. This means that each florist has some degree of control over the price and quality of their products, but there are still many other competitors in the market. It is not a monopoly or oligopoly because there are multiple firms in the market, and it is not perfectly competitive because the products are not identical.