Which of the following is a market or industry characterized by numerous buyers and relatively numerous sellers trying to differentlate their products from those of competitors? Oligopoly Perfect competition C Monopolistic competition IAMSURE Monopoly IDONT KNOWYET

## Step 1<br />The problem is asking us to identify the type of market or industry where there are numerous buyers and relatively numerous sellers, and each seller is trying to differentiate their products from those of their competitors. <br /><br />## Step 2<br />Let's analyze each option:<br /><br />- Oligopoly: This is a market structure where a few firms dominate the market. This doesn't fit the description given in the problem because it doesn't involve numerous sellers.<br /><br />- Perfect competition: This is a theoretical market structure where there are many buyers and sellers, and the products are perfect substitutes for each other. This doesn't fit the description given in the problem because the products are not differentiated.<br /><br />- Monopolistic competition: This is a market structure where many sellers sell products that are similar but not perfect substitutes for each other. This fits the description given in the problem because it involves numerous sellers and product differentiation.<br /><br />- Monopoly: This is a market structure where there is only one seller in the market. This doesn't fit the description given in the problem because it doesn't involve numerous sellers.<br /><br />## Step 3<br />Based on the analysis, the correct answer is Monopolistic competition.