Asked by Germaine Simin on Jun 23, 2024
Verified
There are four basic types of market structure.
Market Structure
The organization and characteristics of a market, including the number and size of sellers, product differentiation, and ease of entry and exit.
- Understand the concept of imperfect competition and its variants, including monopolistic competition and oligopoly.
Verified Answer
EC
Eliana CabreraJun 24, 2024
Final Answer :
True
Explanation :
The four basic types of market structure are perfect competition, monopolistic competition, oligopoly, and monopoly. Each has distinct characteristics regarding the number of firms, type of products, and the ease of entry and exit in the market.
Learning Objectives
- Understand the concept of imperfect competition and its variants, including monopolistic competition and oligopoly.
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