Choose the wrongly matched pair: Oligopoly | Many sellers Monopolistic competition | Uncertainty Perfect competition | Differentiated product Monopoly competition | Many buyers
Understand the Problem
The question asks to choose the wrongly matched pair from the given options related to different market structures in economics. It tests the understanding of the characteristics of oligopoly, monopolistic competition, perfect competition, and monopoly.
Answer
Perfect competition | Differentiated product
The wrongly matched pair is 'Perfect competition | Differentiated product'. Perfect competition involves identical products, not differentiated ones.
Answer for screen readers
The wrongly matched pair is 'Perfect competition | Differentiated product'. Perfect competition involves identical products, not differentiated ones.
More Information
In perfect competition, products are identical, ensuring no single firm has an advantage based on product features. Differentiated products are a characteristic of monopolistic competition, where firms try to distinguish their products from competitors.
Tips
A common mistake is confusing perfect competition with monopolistic competition. Remember, perfect competition has identical products, while monopolistic competition features differentiated products.
Sources
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