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When an industry has many firms, the industry is a

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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.