Question

There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs.

Number of firms?
a. one
b. few
c. many
Type of product?
a. Unique
b. Anything
c. Identical
d. Differential
Market Model?
a. Oligopoly
b. Perfect competition
c. Monopolistic Competition
d. Monopoly

Answer 1

- many firms

- differential

- monopolistic competition

Step-by-step explanation:

1. The availability of MANY FIRMS in different locations, sizes and educational quality will help students.

2. Product differentiation is when you develop a product so that customers believe that they are different from similar, competing products. Product differentiation is done through product quality, product design and features, and product support services.

3. Monopolistic competition characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of anyone firm do not directly affect those of its competitors. This kind of market allows students with diverse preferences to find schools that match their needs.