ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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number of firms
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size of firms
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type of product
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all of these answers
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Detailed explanation-1: -The classification of a market is based on six different conditions: the existence of competition, the size or area of the market, the number and size of suppliers, the influence of suppliers over price, and the ease of entering the market.
Detailed explanation-2: -The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.
Detailed explanation-3: -Market structure refers to the way that various industries are classified and differentiated in accordance with their degree and nature of competition for products and services. It consists of four types: perfect competition, oligopolistic markets, monopolistic markets, and monopolistic competition.
Detailed explanation-4: -The elements of Market Structure include the number and size of sellers, entry and exit barriers, nature of product, price, selling costs.