Question

Jason’s mom specifically asked for a CIP cast iron pan for her birthday. As Jason scanned the stock in two department stores, he found ten different brands, none of which were CIP. When he found CIP in a kitchen specialty shop, he was challenged to tell the difference between his mom’s choice and the others. In his business class, he learned about ______________, where many sellers may be offering very similar products. Through various means, each seller differentiates his product from the competition.

a) oligopolistic competitionb) limited competitionc) perfect competitiond) monopolistic competition

Answer 1

The correct answer is the letter d. Monopolistic competition.

Step-by-step explanation:

Monopolistic competition is a market structure in which many companies sell similar but not identical products. Jason therefore learned about the perfect competition, there are a lot of cookware being sold, similar but there is product differentiation to try to attract consumers.