Question : Match the characteristics with their market structure:
(a) Difficult entry (often due to economies of scale)
(b) Can sell as much as it can at the market price
Option 1: (a) Monopolistic competition,
(b) Pure monopoly
Option 2: (a) Pure monopoly,
(b) Oligopoly
Option 3: (a) Oligopoly,
(b) Pure competition
Option 4: (a) Pure competition,
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Correct Answer: (a) Oligopoly,
Solution : The correct answer is (a) Oligopoly,
(b) Pure competition.
Oligopoly : An oligopoly is a market structure where there are only a few suppliers who are competing for the same market for a given commodity. Entry and Exit are difficult.
Pure competition : In a market structure with perfect competition, numerous businesses offer the same kind of goods. Due to complete information and freedom of entry and exit, businesses will generate regular profits.
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