ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In this market, the producer is the least responsive to buyers’ needs and wants.
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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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Explanation:
Detailed explanation-1: -In this market, the producer is the least responsive to buyers’ needs and wants. Both buyers and sellers have the ‘perfect’ amount of information to maximize self-interest. Firms in this kind of market produce goods that are similar but not identical. Only five firms produce this product in the Unites States.
Detailed explanation-2: -A monopoly describes a market situation where one company owns all the market share and can control prices and output. A pure monopoly rarely occurs, but there are instances where companies own a large portion of the market share, and ant-trust laws apply.
Detailed explanation-3: -Among all the forms of market, monopoly is considered to be the least competitive.
There is 1 question to complete.