The expansion of competition which provides customers with many choices is called a:

• A. monopoly
• B. oligopoly
• C. competitive market
• D. price ceiling

Answer: (C)

Verified step by step guidance

1. Step 1: Understand the key terms related to market structures. A monopoly is a market with a single seller, an oligopoly has a few sellers, and a competitive market has many sellers offering similar products.
2. Step 2: Recognize that the problem asks for the term describing a market condition where competition expands and customers have many choices.
3. Step 3: Recall that a competitive market is characterized by many buyers and sellers, which increases competition and provides customers with multiple options.
4. Step 4: Note that a price ceiling is a government-imposed limit on how high a price can be charged and is not related to the number of competitors or choices available.
5. Step 5: Conclude that the correct term for the expansion of competition providing many choices to customers is a 'competitive market'.