ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Perfect Competition
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Monopolistic Competition
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Monopoly
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Oligopoly
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Detailed explanation-1: -A pure monopolist is a hypothetical market structure in which a firm faces no competition and is able to earn a significant economic profit. If other firms could enter the market, then they would do so, attracted by the profit opportunity.
Detailed explanation-2: -A monopoly is a business that is characterized by a lack of competition within a market and unavailable substitutes for its product. Monopolies can dictate price changes and create barriers for competitors to enter the marketplace.
Detailed explanation-3: -In a monopolistic market, there is only one firm that dictates the price and supply levels of goods and services. A perfectly competitive market is composed of many firms, where no one firm has market control. In the real world, no market is purely monopolistic or perfectly competitive.