In a market with________, many firms are providing differentiated products.

Question

BlackTom AI · Accepted Answer

Examining the market structure described helps identify the correct option. 
Option 1: 'oligopolistic competition' typically features a small number of firms that may produce similar or differentiated products, but the key characteristic highlighted here is not the number of firms; in oligopoly, there are few firms, not many. This makes the statement incorrect for the scenario described. 
Option 2: 'a duopoly' refers to exactly two firms in the market. Since the prompt specifies many firms, this option is inaccurate. 
Option 3: 'a monopoly' involves a single firm dominating the market with no close substitutes, which clearly contradicts the idea of many firms providing differentiated products. Therefore, this is not the right characterization. 
Option 4: 'monopolistic competition' is the market structure that combines many firms with differentiated products. This aligns with the description precisely, as firms compete on product attributes, branding, and other non-price factors, while not being price takers in the same way as pure competition. This is the correct match to the scenario. 
Option 5: 'pure competition' features many firms and homogeneous products with price-taking behavior, leaving little room for product differentiation. Since the products are not differentiated in this model, this option does not fit the description. 
In summary, the reasoning eliminates the structures with few firms or homogeneous products and highlights monopolistic competition as the scenario where many firms offer differentiated products.

MKTG:3000 Fall25 Final Exam - Requires Respondus LockDown Browser

In a market with________, many firms are providing differentiated products.

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