Of the Following Market Structures, Which Are Considered Imperfectly Competitive

question 583

Multiple Choice

Of the following market structures, which are considered imperfectly competitive?
I.
Perfect competition
II.
Monopoly
III.
Monopolistic competition
IV.
Oligopoly

• A)III only
• B)II and III
• C)III and IV
• D)II, III, and IV

---

Definitions:

Determinants

Determinants are factors or elements that cause something to happen or significantly influence the outcome of a process or situation.

Market Prices

The current prices at which goods and services can be bought or sold in a marketplace.

Willpower

The ability to control impulses and make decisions that align with long-term goals, resisting short-term temptations.

Neoclassical Economics

An economic approach that focuses on the determination of goods, outputs, and income distributions through supply and demand factors.