shesobratty3279 shesobratty3279

11-01-2021
Business

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A firm in an industry with many other firms spends a significant amount on advertising to ensure consumers recognize their logo. What type of market structure does this firm likely operate in

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ewomazinoade ewomazinoade

11-01-2021

Answer:

Monopolistic competition

Explanation:

A monopolistic competition is when there are many firms selling differentiated products in an industry.

A monopolistic industry has characteristics of both a monopoly and a perfect competition. The demand curve is downward sloping. it sets the price for its goods and services.

An example of monopolistic competition are restaurants

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