Question : Extreme forms of the market are
Option 1: perfect competition; oligopoly
Option 2: oligopoly; monopoly
Option 3: perfect competition; monopoly
Option 4: perfect competition; monopolistic competition
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Correct Answer: perfect competition; monopoly
Solution : The correct answer is perfect competition; monopoly.
A market system with perfect competition has numerous customers and sellers, all of whom manufacture similar products. There are no entrance or departure barriers and all buyers and sellers have complete market knowledge. A monopoly is a market system in which only one supplier of a commodity exists. There are no close replacements for the product, and entry obstacles prohibit other companies from competing in the market.
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