A market situation when many firms sell similar but not identical products is termed as
[amp_mcq option1=”perfect competition” option2=”imperfect competition” option3=”monopolistic competition” option4=”oligopoly” correct=”option3″]
This question was previously asked in
UPSC CDS-1 – 2019
– Products are similar but not identical (differentiated).
– Characterizes monopolistic competition.
– Oligopoly: Few firms, products can be identical or differentiated.
– Imperfect competition: A general term encompassing market structures where perfect competition does not hold, including monopolistic competition, oligopoly, and monopoly.