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a market with a large number of sellers and a high level of product differentiation is known asan oligopoly.a monopolistically competitive market.a perfectly competitive market.a monopoly.

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varshamittal029

A market with a large number of sellers and a high level of product differentiation is known as a monopolistically competitive market. Therefore, the second option is the correct answer.

A type of market structure known as monopolistic competition is characterised by the presence of numerous businesses in a given sector and the production of comparable but distinct goods. Each business operates autonomously without taking into account the actions of the others and none of the businesses enjoy a monopoly.

Companies in monopolistic competition generate economic short - term profit, but they make no economic profit in the long run. The flexibility to enter and leave the industry also contributes to the latter. Short-term economic gains encourage more entrants, which eventually results in increased competition, decreased costs, and high output.

Learn more about Monopolistic Competition here: https://brainly.com/question/25717627

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