What do you know about various types of markets

Question

Accepted Answer

Various types of markets include perfect competition, monopolistic competition, oligopoly, and monopoly.

Perfect competition involves many small firms selling identical products
Monopolistic competition involves many firms selling similar but not identical products
Oligopoly involves a few large firms dominating the market
Monopoly involves a single firm dominating the market
Other types of markets include duopoly, monopsony, and oligopsony
Market structures can affect pricing, output, and competition
Examples of perfect competition include agricultural markets
Examples of monopolistic competition include fast food restaurants
Examples of oligopoly include the automobile industry
Examples of monopoly include utility companies
Market structures can change over time due to factors such as mergers and acquisitions

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