GENERAL KNOWLEDGE

Detailed explanation-1: -A monopoly exists in areas where one company is the only or dominant force to sell a product or service in an industry.

Detailed explanation-2: -Market structures that are categorized as imperfect include monopolies, oligopolies, monopolistic competition, monopsonies, and oligopsonies.

Detailed explanation-3: -A monopoly is a market structure where a single seller or producer assumes a dominant position in an industry or a sector. Monopolies are discouraged in free-market economies as they stifle competition and limit substitutes for consumers.

Detailed explanation-4: -Oligopoly is a form of imperfect competition and is usually described as the competition among a few. Hence, Oligopoly exists when there are two to ten sellers in a market selling homogeneous or differentiated products. A good example of an Oligopoly is the cold drinks industry.

Detailed explanation-5: -Imperfect competition can be found in the following types of market structures: monopolies, oligopolies, monopolistic competition, monopsonies, and oligopsonies.