Identify the market structure that most accurately describes the context in which each good or service is sold. retail clothing

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Armor4178 Armor4178

11-11-2021
Business

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Identify the market structure that most accurately describes the context in which each good or service is sold. retail clothing

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OlanmaE OlanmaE · Answer 1 · 2021-11-15T13:23:29+01:00

Market structure refers to the categorization of firms according to the types of goods they sell and their methods of operation. Given the question, the market structure that describes retail clothing is

Monopolistic Competition

Monopolistic Competition is that where there are different firms selling similar things that are not particularly, exact.

It is easy to start up this sort of business because there are not so many barriers to entry.

Also, competitors are independent because the decision of one does not affect the others. Retail clothing is an example.

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