Question

Indicate which type of market can be characterized by the following features:

___________a. consumer choice of products

___________b. need for advertising

___________c. extraordinary profit even in the long-run

___________d. firm determine his own price

___________e. use of non-price competition

___________f. easy entry into the market

___________g. product sold maybe homogeneous or differentiated

___________i. firm has little power to control price

Answer 1

a) Oligopoly

b) Perfect competition and oligopoly

c) Oligopoly and Monopoly

d) Monopoly and oligopoly

e) Oligopoly

f) oligopoly

g) oligopoly

h) oligopoly