Questions: What type of industry features a high number of firms producing highly differentiated products? oligopoly perfect competition monopolistic competition monopoly

What type of industry features a high number of firms producing highly differentiated products? oligopoly perfect competition monopolistic competition monopoly
Transcript text: What type of industry features a high number of firms producing highly differentiated products? oligopoly perfect competition monopolistic competition monopoly
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Solution

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Answer

The answer is monopolistic competition.

Explanation
Option 1: Oligopoly

An oligopoly is a market structure characterized by a small number of firms that dominate the market. These firms may produce similar or differentiated products, but the key feature is the limited number of competitors, which allows them to exert significant control over prices and market conditions.

Option 2: Perfect Competition

Perfect competition is a market structure where there are many firms, but they produce identical or homogeneous products. In this scenario, no single firm can influence the market price, and products are not differentiated.

Option 3: Monopolistic Competition

Monopolistic competition is a market structure where there are many firms, and each firm produces a product that is slightly different from the others. This differentiation can be based on quality, branding, location, or other factors. This leads to a high number of firms producing highly differentiated products, which is the key characteristic of monopolistic competition.

Option 4: Monopoly

A monopoly is a market structure where a single firm dominates the entire market, producing a unique product with no close substitutes. This firm has significant control over the market price and conditions, and there is no competition in the market.

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