ECONOMICS
MARKET FAILURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The organization of a market, based mainly on the degree of competition; there are four basic market structures:perfect competition, monopolistic competition, oligopoly, and monopoly
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The organization of a market, based mainly on the degree of competition; there are four basic market structures:perfect non-competition, monopolistic competition, oligopoly, and monopoly
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The organization of a market, based mainly on the degree of competition; there are four basic market structures:perfect competition, monopolistic competition, oligopoly, and externality
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The organization of a market, based mainly on the degree of competition; there are three basic market structures:monopolistic competition, oligopoly, and monopoly
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Detailed explanation-1: -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-2: -The correct sequence of the market structure from most to least competitive is perfect competition, imperfect competition, oligopoly and pure monopoly.
Detailed explanation-3: -Monopolistic competition is a type of market structure where many companies are present in an industry, and they produce similar but differentiated products. None of the companies enjoy a monopoly, and each company operates independently without regard to the actions of other companies.
Detailed explanation-4: -Market structure refers to how different industries are classified and differentiated based on their degree and nature of competition for services and goods. The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.