ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Monopoly
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Oligopoly
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Perfect Structure
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Monopolistic Competition
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Detailed explanation-1: -Monopoly. Represents the opposite of a perfect competition. This market is composed of a single seller who will therefore in full control to set the prices.
Detailed explanation-2: -For example, the utility industry is a natural monopoly. The utility monopolies provide water, sewer services, electricity transmission, and energy distribution such as retail natural gas transmission to cities and towns across the country.
Detailed explanation-3: -Monopolistic Markets In a monopolistic market, firms are price makers because they control the prices of goods and services. In this type of market, prices are generally high for goods and services because firms have total control of the market.
Detailed explanation-4: -The assumptions of the model of perfect competition, taken together, imply that individual buyers and sellers in a perfectly competitive market accept the market price as given. No one buyer or seller has any influence over that price.