ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
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Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
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Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
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Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
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Detailed explanation-1: -The correct sequence of the market structure from most to least competitive is perfect competition, imperfect competition, oligopoly and pure monopoly.
Detailed explanation-2: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly. The categories differ because of the following characteristics: The number of producers is many in perfect and monopolistic competition, few in oligopoly, and one in monopoly.
Detailed explanation-3: -Pure Competition Is Best for the Consumer From the consumer point of view, pure competition is the best type of market, because it gives consumers the greatest consumer surplus and maximizes total surplus for the economy.
Detailed explanation-4: -Among all the forms of market, monopoly is considered to be the least competitive.
Detailed explanation-5: -There are four types of competition in a free market system: perfect competition, monopolistic competition, oligopoly, and monopoly.