What Characteristics or Requirements Must Be Met for a Market

question 165

Essay

What characteristics or requirements must be met for a market to be considered as each of the following?
a. perfectly competitive
b. a monopoly
c. an oligopoly
d. monopolistic competition

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Definitions:

Drilling Exploration

The process of examining the subsurface of the Earth by drilling boreholes to locate natural resources.

Computer Model

A simulation or representation of a complex real-world system using computer algorithms to predict its behavior under various scenarios.

Seismic-reflection Study

A method used in geophysics to explore subsurface structures by sending seismic waves into the earth and analyzing the reflected waves.

Geologic Cross Section

A diagram or representation showing the vertical profile of the Earth's crust to illustrate the positions of rock layers and structures.