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Answer to Question #267610 in Economics for Nalyn

Question #267610

Explain the extent of competition among different market structures.


1
Expert's answer
2021-11-19T11:11:21-0500

The five major market system types are Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition and Monopsony.

  • Perfect Competition with Infinite Buyers and Sellers.
  • Monopoly with One Producer.
  • Oligopoly with a Handful of Producers.
  • Monopolistic Competition with Numerous Competitors.
  • Monopsony with One Buyer.

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