Get the answers you need at Westonci.ca, where our expert community is always ready to help with accurate information. Get immediate and reliable answers to your questions from a community of experienced professionals on our platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
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
#SPJ4
We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.