Asked by Ramon Gonzalez on Jul 22, 2024
Verified
The "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market.
Monopolistically Competitive
Describes a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.
Many Sellers
A market condition in which there are numerous providers of a good or service, contributing to competitive pricing and variety for consumers.
- Acquire knowledge about the hallmarks of monopolistically competitive markets, such as multiple purchasers and vendors, distinctiveness of offerings, and open access.
Verified Answer
BE
Breanna EarnestJul 23, 2024
Final Answer :
True
Explanation :
In monopolistically competitive markets, the presence of many sellers competing against each other with differentiated products is what drives the competition.
Learning Objectives
- Acquire knowledge about the hallmarks of monopolistically competitive markets, such as multiple purchasers and vendors, distinctiveness of offerings, and open access.
Related questions
Monopolistic Competition Is Characterized by Many Buyers and Sellers, Product ...
Monopolistic Competition Is an Industry Structure Characterized By ...
An Industry with a Large Number of Relatively Small Firms ...
The Wedding Dress Industry Is Monopolistically Competitive ...
The Downward-Sloping Demand Curve for a Monopolistically Competitive Firm ...