Post Utme Crawford University 2018 Commerce Question 34

Practice objective / multiple choice question 34 from the 2018 Post Utme Crawford University Commerce examination.

Post Utme Crawford University 2018 Commerce Objective / Multiple Choice
Question 34 POST_UTME_CRAWFORD_UNIVERSITY • 2018 • COMMERCE • objective

A company is considering launching a new product in a market where there are already several similar products. What type of market structure is this?

Answer Options

A. Perfect competition, because there are many buyers and sellers.
B. Monopoly, because there is only one seller.
C. Oligopoly, because there are a few large sellers.
Correct Answer D. Monopolistic competition, because there are many sellers and each seller has some degree of market power.
Correct Answer
D
Correct Option:
Monopolistic competition, because there are many sellers and each seller has some degree of market power.

About This Question

This is Post Utme Crawford University 2018 Commerce Question 34. It is one of the objective questions from the 2018 Post Utme Crawford University Commerce examination.

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