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hich one of the following market structure is the less competitive? a. Perfect competition b. Monopolistic competition c. Monopoly d. Oligopoly

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter9: Competition And Monopolies

Section: Chapter Questions

Problem 16AA

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Question

Which one of the following market structure is the less competitive?

Perfect competition

Monopolistic competition

Monopoly

Oligopoly

Definition Definition Form of market structure in which there are a large number of sellers of a particular product, with each seller selling somewhat differentiated but close substitutes to the product sold by other sellers. Features of monopolistic competition include: Large number of buyers and sellers Differentiated products Free entry and exit of the firms in the market

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