Question

In a market with ________, the market consists of many buyers and a few sellers who are likely to have similar pricing.

A) pure competition
B) monopolistic competition
C) oligopolistic competition
D) a pure monopoly
E) socialism

Answer 1

In a market with monopolistic competition, there are many buyers and a few sellers with similar pricing.

Step-by-step explanation:

In a market with monopolistic competition, the market consists of many buyers and a few sellers who are likely to have similar pricing. Monopolistic competition refers to a market where many firms sell differentiated products. These differentiated products can arise from characteristics of the good or service, location, intangible aspects, or perceptions of the product.