The answer is D. monopolistic competition. Because monopolistic competition is one form of market where many producers produce similar goods but have differences in several aspects.
<h2>Further Explanation
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The market, in economics, is where buyers and sellers meet. Buying and selling transactions that occur do not always require a physical location. The intended market can refer to a country where an item is sold and marketed.
Types of Markets
The market can be grouped into 5 types, namely the goods market, the labor market, the capital market, and foreign markets.
- The goods market describes the meeting between the demand and supply for goods. A company or individual can operate in the goods market by offering manufactured goods or by requesting products.
- The labor market is a meeting between labor demand and supply. This meeting will produce concepts of wages and the amount of labor needed. Usually, those who make requests are business entities (companies), institutions, institutions, or it can also be individuals, while those who offer labor are the labor force available on the labor market.
- The money market is a meeting between the demand and supply of money. In a money market, transactions are the right to use the money for a certain time. On the money market lending and borrowing funds, which in turn creates a debit and credit relationship. The party making the money supply is the monetary authority (the central bank and the government) and the financial institution (the bank and not the bank), while the party making the request is the public (households and companies).
- The capital market in the narrow sense is identical to the stock exchange. In a broad sense, the capital market is a meeting between those who have funds and those who need funds for venture capital. If the financial market is more focused on short-term use, then the capital market is more focused on long-term use.
- Foreign markets describe the relationship between domestic demand for imported products and overseas supply of export products.
A monopolistic market is one form of market where many producers produce similar goods but have differences in several aspects. Sellers in the monopolistic market are not limited, but each product produced must have the character that distinguishes it from other products. Examples are shampoo, toothpaste, etc. Although the functions of all shampoos are the same, for cleaning hair, each product produced by different manufacturers has special characteristics, such as differences in aroma, color difference, packaging, and so on. In a monopolistic market, producers can influence prices even though the effect is not as big as the producers of the monopoly or oligopoly market. This ability comes from the nature of the goods produced. Because of the differences and characteristics of an item, consumers will not easily switch to another brand and still choose the brand even if the producer raises the price. For example, the motorcycle market in Indonesia. Motorcycle products tend to be homogeneous, but each has its special characteristics. Call it a Honda motorcycle, where the special characteristic is fuel economy. While Yamaha has the advantage of a stable engine and rarely damaged. As a result, each brand has its loyal customers.
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Details
Grade: High School
Subject: Business
keywords: monopolistic competition
