Market Structures Identification and Challenges
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Questions and Answers

What is a key characteristic of perfect competition?

  • Many buyers and sellers (correct)
  • Sellers capable of setting prices
  • One seller with full market control
  • Few sellers with identical products

    • What is a challenge faced under pure competition?

  • Ensuring total revenue exceeds total cost (correct)
  • Setting prices based on demand
  • Maintaining high prices
  • Improving product quality

    • What characterizes a monopoly market structure?

  • Many buyers with identical products
  • Single seller with market control (correct)
  • High number of seller variations
  • Few sellers with differentiated products

    • What makes it difficult for new competitors to enter an oligopoly market?

    <p>High barriers to entry</p> Signup and view all the answers

    What is a common strategy in monopolistic competition?

    <p>Non-price competition like branding</p> Signup and view all the answers

    Which market structure involves sellers offering identical products and being price takers?

    <p>Perfect competition</p> Signup and view all the answers

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