Asked by
Abrar Ahmad
on Dec 19, 2024
Verified
In which of the following industry structures is the entry of new firms the most difficult?
A) pure monopoly
B) oligopoly
C) monopolistic competition
D) pure competition
Pure Monopoly
A market structure characterized by a single seller, selling a unique product in the market with no close substitutes, leading to significant control over prices.
Monopolistic Competition
A market structure characterized by many firms selling products that are similar but not identical, allowing for competition on factors other than just price.
- Distinguish between the market structures based on the ease of entry for new firms.
Verified Answer
AM
Learning Objectives
- Distinguish between the market structures based on the ease of entry for new firms.