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List the market conditions that exist for a market to be characterized as "Perfect Competition".

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Nusrat Fatima
Nusrat FatimaLv10
28 Sep 2019

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Related questions

1. Which market structure is characterized by a few interdependent firms?

A) Monopoly.

B) Perfect competition.

C) Monopolist competition.

D) Oligopoly.

 

2. The correct ranking (put in order) of the degree of market power (from highest to lowest) is

A) Monopoly, monopolistic competition, perfect competition, oligopoly

B) Monopoly, monopolistic competition, oligopoly, perfect competition.

C) Monopoly, oligopoly, monopolistic competition, perfect competition.

D) Oligopoly, monopoly, monopolistic competition, perfect competition.

 

3. The term monopolistic competition

A) is an alternate expression for monopoly

B) is used to describe perfect competition with strong entry barriers.

C) denotes an industry with one seller of many differentiated products

D) denotes an industry with many sellers of differentiated products.

Which market structure❝perfect competition or monopoly❝willresult in a more efficient use of an economy's resources? Why? Whatconditions must exist to facilitate the efficient use of theeconomy's resources? How realistic are these conditions?

In which of the following market structures would X-inefficiency be most likely to exist?

   

A. Perfect competition.
   

B. Monopoly.
   

C. Oligopoly.
   

D. Monopolistic competition.

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