Answer to Question #276387 in Microeconomics for Muskan

Question

Define the following

1 ) Perfect Competition

2 ) Monopoly

3 ) Monopolistic Competition

4 ) Oil GoPoLY

Answer 1

1.When all companies sell the same products, perfect competition exists, and price is unaffected by market share.

2.Monopoly is a market arrangement in which there is only one seller selling a single product.

3.Monopolistic competition describes an industry in which a large number of enterprises compete for the same (but not identical) products or services.

4.Oligopoly occurs when a small number of large enterprises control all or most of an industry's sales.