Question

Which market structure describes many firms selling the exact same product -- like a commodity?
Group of answer choices

monopolistic competition

monopoly

oligopoly

perfect competition

Answer 1

Answer:

Monopolistic competition

Explanation:

Monopolistic competition is a market structure in which many firms sell products that are similar but not identical. Monopolistic competition describes a market with the following attributes: Many sellers: there are many firms competing for the same group of customers.