The market characterized by many firms producing similar but differentiated products is known as monopolistic competition. In this type of market, each firm offers products that are slightly different from one another, allowing them to have some degree of market power over their prices while still competing with other firms.
What is a market that is characterized by many firms producing similar but differentiated products?
Monopsony
Monopolistic competition
Oligopoly
Perfect competition
1 answer
1 answer