ECONOMICS (CBSE/UGC NET)

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: -In a perfectly competitive market, each firm is a price taker, meaning that it has no control over the price.

Detailed explanation-3: -Among all the forms of market, monopoly is considered to be the least competitive.

Detailed explanation-4: -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-5: -Key Takeaways In an oligopoly, a few sellers supply a sizable portion of products in the market. They exert some control over price, but because their products are similar, when one company lowers prices, the others follow. In a monopoly, there is only one seller in the market.