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15 January, 01:55

In Washington, D. C., there are many coffee shops, each offering nearly

identical coffee but each shop located in a different place around the city. It

is likely a coffee shop in Washington, D. C., operates in a

A)

perfectly competitive market.

B)

monopolistically competitive market.

C)

monopoly market.

D)

oligopoly market.

+2
Answers (1)
  1. 15 January, 02:16
    0
    The correct answer is B) monopolistically competitive market.

    Explanation:

    Monopolistic competition is an imperfect type of competition in which there is a high number of sellers in the market that have a certain power to influence the price of their product.

    The products offered are characterized by having some differentiation and it is precisely this differentiation that makes these companies enjoy a certain market power, have a certain voice when it comes to setting their prices and are not merely "price-acceptors", as in the case of perfect competition. Therefore, the graphic representation of monopolistic competition will be that of the right, imperfect competition.
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Home » Business » In Washington, D. C., there are many coffee shops, each offering nearly identical coffee but each shop located in a different place around the city. It is likely a coffee shop in Washington, D. C., operates in a A) perfectly competitive market.
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