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When an industry has many firms, the industry is a
When an industry has many firms, the industry is
a. an oligopoly if the firms sell differentiated products, but it is monopolistic competitive if the firms sell identical products.
b. an oligopoly if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products.
c. perfectly competitive if the firms sell differentiated products, but it is monopolistic competitive if the firms sell identical products.
d. monopolistic competitive if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products.
Expert Solution
When an industry has many firms, the industry is d. monopolistic competitive if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products .
Since the types of the market like Perfectly Competitive Market and the Monopolistic competitive markets have many firms. Only the difference lies is that the perfectly competitive firms trade in the uniform products which are identical in each term while the monopolistic competitive firms trade in the differentiated products which are differentiated in terms of its size, texture and so on.
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