Question

There are hundreds of colleges and universities that serve millions of college students each year. the colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs.

Answer 1

Answer:

For Number of firms, the answer is C. Many.

For type of product, the answer is D. Differential.

For Market model, the answer is  C. Monopolistic Competition.

Explanation:

From the questions above, we can conclude that the number of firms is Many because it is stated that there are hundreds of colleges and universities that serve millions of college students each year.

For the type of product, in this case service, that each college and university offers, there is service differentiation. This is because each school will offer unique and distinct ways of meeting the students' needs.

There exists monopolistic competition in markets which have several competitors selling similar products and services. The similar products and services are not ideal substitutes for each other in monopolistic competition. Here, the barriers to entry and exit in the industry are low, and the decisions that are taken by one company do not affect the competitors. Therefore, in the scenario given above, because there are several colleges and universities serving millions of students in similar ways but with differentiated methodologies and programs, they form a monopolistic competitive market.