Market structures

Question 1

Define Market structures

Answer 1

are the level of competitiveness in the industry.

Question 2

Define perfect competition

Answer 2

is a market structure in which there are many buyers and many sellers producing a homogenous product

Question 3

Define monopolisitic competition

Answer 3

produces a product that is somewhat different from those of other firms and firms engage in non price competition.

Question 4

Monopoly

Answer 4

is a market where there is only one seller and there are many buyers of a service not offered by anyone else.