Write the correct answer to the questions asked or the attributes mentioned in the first column...

Write the correct answer to the questions asked or the attributes mentioned in the first column for each of the three market structures.

2. Describe how oligopoly differs from each of the other three market structures.

Expert Solution

2.

Oligopoly differs from different market structures on the basis of following attributes:

A. Entry Barriers

Oligopoly has high entry barriers, whereas perfect market and monopolistic market structure have no any entry and exit barriers. Further, monopoly has very high entry barriers.

B. No. of players in the market

Oligopoly as few large players in the market , but perfect market and the monopolistic market structure has large number of players due to the free entry and exit of the players. Monopoly has only one player.

C. Type of products

Oligopoly has products that are similar to each other, whereas perfect market structure has uniform products. Monopolistic structure has differentiated products in the market. Monopoly has one firm, then it has one product.

D. Level of interdependence

Firms in oligopoly are interdependent. But, in other three markets, firms are not interdependent to each other. It makes oligopoly to form cartel or do price fixing in the market.

Rahul Sunny answered 1 year ago

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