Question

Market or industry characterized by a handful of (generally large) sellers with the power to influence the prices of their products?

Answer 1

MONOPOLIST COMPETITION

Step-by-step explanation:

Monopolistic competition is a blend of 'perfect competition' and 'monopoly' .

This market structure has many sellers , which sell differentiated imperfect substitute goods.

These have free entry & exit , demand curve general downward sloping (as per law of demand) & elastic (because of many substitutes) .

There is imperfect information about goods among consumers , as sellers try to create superior perception about their goods in buyers mind by huge selling costs .

Answer 2

Answer: monopolistic competition

Step-by-step explanation:

Monopolistic competition is a type of market structure that occurs when large number of firms sell similar but not identical products and competes with each other in other factors aside price.

The goods here are close substitute.

There is free entry into the market.

An individual firm has influence over the price of its products.