Monopolistic competition is a market structure in which: Group of answer choices A few interdependent firms sell a homogeneous product. A few firms produce a particular product. Many firms produce a particular product, but each maintains some independent control over its own price. A few firms produce all of the market supply of a good. None of these.

Monopolistic competition is a market structure in which many firms produce a particular product, but each maintains some independent control over its own price.

Explanation:

Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes.

For instance, the restaurant business. Hotels and pubs. General specialist retailing. Consumer services, such as hairdressing.

It is a market structure characterized by a large number of small firms, similar but not identical products sold by all firms, relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology.

A) A few interdependent firms sell a homogeneous product.

Explanation:

A monopolistic competition is a market structure where many firms offer the same products and services to people. A monopolistic market is the complete opposite of a perfectly competitive market because in a perfectly competitive market, a number of firms operate. In the absence of other suppliers( competition), monopolists request a premium to their customers. Since customers have no other options available, they are forced to pay the price stated for the goods or services. In the real sense, a pure monopoly are usually scarce but there are some cases where firms own large portions of the market share.

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