ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Someone who enjoys the benefit of a good or service without paying for it. (Mr Macerata and NPR )
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Dead Weight Loss
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Oligopoly
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Free Rider
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Free loader
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Explanation:
Detailed explanation-1: -One of the key similarities that perfectly competitive and monopolistically competitive markets share is elasticity of demand in the long-run. In both circumstances, the consumers are sensitive to price; if price goes up, demand for that product decreases. The two only differ in degree.
Detailed explanation-2: -The correct answer is Option (ii). Costs of starting a competing business are too high. The oligopoly market can be formed when the cost of starting a business is too high, that is, in competition.
Detailed explanation-3: -In perfect competition, firms produce identical goods, while in monopolistic competition, firms produce slightly different goods.
There is 1 question to complete.