A market where there are many differentiated products is called?

Assessment: JAMB UTME - Economics - 1997 Subject: Economics

Question 1 Report

A market where there are many differentiated products is called?
Answer Details
A market where there are many differentiated products is called monopolistic competition. In a monopolistic competition market, there are many firms producing similar, but not identical products. Each firm has a small degree of market power, meaning they can influence the price of their product by adjusting the quality, design, or marketing of their product. However, they must also compete with other firms in the market, which limits their market power. This results in a range of prices for similar products, creating product differentiation. Examples of monopolistic competition markets include restaurants, clothing, and consumer electronics. Therefore, the correct option is "monopolistic competition".
Read lesson note on Market Structure (JAMB)
View Answer

Related Questions

1

The movement of curve I to ll suggests
2

From the diagram above, the quantity of output is determined by the point
3

Given that at the beginning of 1973, Nigeria with a birth rate of 3% per annum had a population of 75million. This implied that in that year
4

The organization which provides credit to help countries achieve short-term balance in their balance of payment is the?
5

In the diagram below, the curve which represents firm's short-run averagevariable cost is curve
6

An important feature of a cartel is that?
7

In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending. (ii) increasing prices...
8

The current stage of the economy is depicted in curve I. Point P suggests that the economy is

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning