McqMate
| Q. |
Extreme forms of markets are - |
| A. | Perfect competition; Oligopoly |
| B. | Oligopoly; Monopoly |
| C. | Perfect competition; Monopoly |
| D. | Perfect competition; Monopolistic competition |
| Answer» C. Perfect competition; Monopoly | |
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Explanation: There are two extreme forms of market structure: monopoly and, its opposite, perfect competition. Perfect competition is characterized by many buyers and sellers, many products that are similar in nature and, as a result, many substitutes. A monopoly is a market structure in which there is only one producer/ seller for a product. |
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