ECONOMICS
COMPETITION AND MARKET STRUCTURES
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Perfect Competition
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Monopoly
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Monopolistic Competition
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Oligopoly
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Detailed explanation-1: -In a monopolistic market, firms are price makers because they control the prices of goods and services.
Detailed explanation-2: -What is Monopoly. Definition: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.
Detailed explanation-3: -An oligopoly will allow more than one honcho to co-exist, and a monopolistic competition will allow several players to enter into the market, while a monopoly will essentially be the one that stands apart and rules the entire demand and supply chain in the particular field of selection.
Detailed explanation-4: -Monopolistic markets are markets where a certain product or service is offered by only one company. A monopolistic market structure has the features of a pure monopoly, where a single company fully controls the market and determines the supply and price of a product or service.
Detailed explanation-5: -Monopolistic competition is a type of market structure where many companies are present in an industry, and they produce similar but differentiated products. None of the companies enjoy a monopoly, and each company operates independently without regard to the actions of other companies.