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The gizmo industry has the following characteristics: over 600 producers with no one producer furnishing more than .5% of the industry’s total output; gizmos produced by different firms carry unique brand
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The gizmo industry has the following characteristics: over 600 producers with no one producer furnishing more than .5% of the industry’s total output; gizmos produced by different firms carry unique brand names and labels; there are no significant barriers to entry to the gizmo market; there is no economic profit in the long run. The gizmo market is best described as what type of market?

User Vivek Chaudhari
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6 votes

Answer:

monopolistic competition

Step-by-step explanation:

Based on the scenario being described within the question it can be said that the gizmo market is best described as a monopolistic competition. This is a type of competition that is not perfect, mainly because many producers tend to sell their products that have very specific differences making them unsuitable substitutes of one another.

User Fabian Meumertzheim
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