Social Studies, 01.11.2019 17:31 taythestargazer2382

What is the type of competition that occurs in a competitive market without identical producers? a. monopolistic b. pure competition c. an oligopoly

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Answer from: lovemichelle638

Monopolistic competition that occurs in a competitive market without identical producers. Correct A

The products or services that are offered by many firms many firms offer are similar, but not perfect substitutes. In this type of market and competition firms have price inelastic demand and they are price makers because the good is highly differentiated.

Answer from: Haleysaraya1

Monopolistic competition is a type of competition that occurs in a competitive market without identical producers.

Further explanationMonopolistic competition It is a market structure that has many small firms competing against each other.These firms sell similar products that are slightly differentiated in terms of branding, packaging, etc.Assumptions of monopolistic competition Free entry and exit to the market Products are differentiated Consumer’s preference is applicable All firms maximize profits Other types of market structuresOligopoly

A market structure that is dominated by few firms thus there is limited competition.

AssumptionsProducts may identical or differentiated Firms maximize profit There is only few firms in the market There is barriers to market entry or exit Firms can set their prices Monopoly

A type of market structure where there is a single producer and many buyers.

A single firm controls the market as it has the highest market power and consumers lack other options.

AssumptionsMonopolist maximizes the profit Monopoly sets the price High barriers to exit and entry to the market A sole firm dominates and controls the market Perfectly competitive market

This is a type of market structure that is hypothetical and is considered to have a very high level of competition.

Characteristics of perfectly competitive marketNo barriers of entry or exit to the market Goods produced by firms are identical Units of input such as units of labor are also identical A single cannot influence the market price or prevailing market conditions.There are many buyers and sellers Buyers and sellers make normal profits in long runBuyers and sellers are price takers There is perfect knowledge by the consumers and sellers

Keywords: Market structure, Monopolistic competition

Learn more about:Monopolistic competition: Features of Monopolistic competition: Types of market structures:

Level: High school

Subject: Business

Topic: Market structures

Sub-topic: Monopolistic competition

Answer from: Quest

b) to encourage free trade

Answer from: Quest

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