SSC
GENERAL ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This is the most difficult market structure to enter based on the number of producers and high barriers to entry
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Monopoly
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Monopolistic Competition
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Perfect Competition
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Oligopoly
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Explanation:
Detailed explanation-1: -These barriers include: economies of scale that lead to natural monopoly; control of a physical resource; legal restrictions on competition; patent, trademark and copyright protection; and practices to intimidate the competition like predatory pricing.
Detailed explanation-2: -An oligopoly is defined as a market structure with few firms and barriers to entry. Oligopoly = A market structure with few firms and barriers to entry. There is often a high level of competition between firms, as each firm makes decisions on prices, quantities, and advertising to maximize profits.
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