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3 years ago

A market structure with a large number of sellers who make differentiated products is called _____.

Social Studies

2 answers:

Alona [7]3 years ago

8 0

Answer: Monopolistic competition

A market structure with a large number of sellers who make differentiated products is called monopolistic competition.

Explanation:

Monopolistic competition refers to a market structure in which many firms or sellers offer products or services which are close substitutes for each other. The sellers sell goods that are similar but not identical. There is free entry and exit in the market and the sellers can make supernormal profits in the short run.

xeze [42]3 years ago

5 0

I think it's Monopolistic Competition

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• When Established and Brief History: This is a body of West African Countries with its roots in earlier attempts at a West African economic community meetings in the 1960's. Then, it was spearheaded by Yakubu Gowon of Nigeria and Gnassigbe Eyadema of Togo.

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• Achievements: Some of the achievements of ECOWAS include the resolution of the civil war conflict in Liberia, the unified international examination taken by high school student (WASSCE by WAEC body), free movement within each individual countries easily without visa, bilateral trade agreement within countries (for example supply of electricity to Togo, Benin by Nigeria) etc.

• Challenges: Some of the challenges include the lack of political will be engage in more bilateral trade, issues of establishment of Eco currency similar to Euro, issues on balanced trade between countries. And, also, challenges on language barriers among countries and citizens of the various countries.

• Conclusion: As a regional power bloc, there is prospect of it emerging as a strong economic bloc in the African continent. The countries should simply try and sort out the challenges among them as well work towards the establishment and use of single currency in the region.

Explanation:

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3 years ago