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WAEC Economics 2008 Question 20

Question 20

Market Structures

A market situation with a large number of firms selling closely related but differentiated products is

  1. A.monopolistic competition
  2. B.perfect competition
  3. C.monopoly
  4. D.monopsony.
Show the answer and explanation

Answer: A (monopolistic competition)

Explanation

Many firms with differentiated (branded) products is monopolistic competition.