Question
Extreme forms of markets are
Answer: Option D
Answer: (d)
There are two extreme forms of market structure: monopoly and, its opposite, perfect competition.
Perfect competition is characterized by many buyers and sellers, many products that are similar in nature and, as a result, many substitutes.
A monopoly is a market structure in which there is only one producer/ seller for a product.
Was this answer helpful ?
Answer: (d)
There are two extreme forms of market structure: monopoly and, its opposite, perfect competition.
Perfect competition is characterized by many buyers and sellers, many products that are similar in nature and, as a result, many substitutes.
A monopoly is a market structure in which there is only one producer/ seller for a product.
Was this answer helpful ?
More Questions on This Topic :
Question 1. Economic problem arises mainly due to
....
Question 3. Engel’s Law states the relationship between
....
Question 8. Equilibrium price is the price when :
....
Question 9. Who propounded Dynamic Theory of profit ?....
Latest Videos
Latest Test Papers
Submit Solution