SSC MTS EXAM

Detailed explanation-1: -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-2: -Solution(By Examveda Team) In Monopoly market structure the degree of control over the price of its product by a firm very large. In a monopoly type of market structure, there is only one seller, so a single firm will control the entire market.

Detailed explanation-3: -A competitive market is a structure in which no single consumer or producer has the power to influence the market. Its response to supply and demand fluctuates with the supply curve, a representation of a product’s quantity.