ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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monopolist
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oligopolist
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perfect competitor
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monopolistic competitor
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Detailed explanation-1: -Differentiated products and a large number of buyers and sellers characterize monopolistic competition.
Detailed explanation-2: -Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which no individual unit is able to influence the price of the product and the firms have to quote the price that prevails in the market because of the customer’s knowledge about the price.
Detailed explanation-3: -Perfect Competition They sell similar products (homogeneous), lack price influence over the commodities, and are free to enter or exit the market. Consumers in this type of market have full knowledge of the goods being sold.
Detailed explanation-4: -Perfect competition is a form of the market in which there is a large number of buyers and sellers and where homogeneous product is sold at a uniform price.