Use the chart to answer the following question. Characteristics of a Market Structure Number of Barriers to Price Entry very high What market structure is being described by the characteristics in the chart? A oligopoly Product Control Firms Differentiation extreme one none B pure (perfect) competition C monopolistic competition D monopoly
Use the chart to answer the following question. Characteristics of a Market Structure Number of Barriers to Price Entry very high What market structure is being described by the characteristics in the chart? A oligopoly Product Control Firms Differentiation extreme one none B pure (perfect) competition C monopolistic competition D monopoly
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Market structure means how different industries are classified on the basis of various characteristics, such as, nature of competition, degree of control, etc. It helps to explain the relation between the sellers and buyers, sellers and other sellers. The market structure is classified into 4 categories:
- perfect competition
- monopoly
- monopolistic competition
- oligopoly
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