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Question 1

Is one of the numerous infrastructure system, institution social relations and procedures where in buyers and sellers usually interact with each others to exchange goods and services

Answer 1

Market

Question 2

Refers to how different industries are classified and differentiated based on their and nature of competition for service and goods

Answer 2

Market structure

Question 3

Basic types of market structure

Answer 3

Monopoly
Perfect Competition
Monopolistic competition
Oligopoly

Question 4

Pertains to a situation wherein there is only a single company that produces a certain product in the entire market that has no close substitute

Answer 4

Monopoly

Question 5

When there is a numerous quantity of small firms competing against each other

Answer 5

Monopolistic competition

Question 6

There are many sellers and buyers of the product but the product is not a perfect substitute

Answer 6

Monopolistic competition

Question 7

Is a type of market structure where many products are similar and may substitute each other since they have the same features price and quality

Answer 7

Perfect competition

Question 8

Is a type of market structure where firms dominate the market by supplying either similar or differentiated products

Answer 8

Oligopoly

Question 9

There are only a few companies and structure and they have control over price implying this market since there are a lot of barriers

Answer 9

Oligopoly

Question 10

Features of monopoly

Question 11

Features of perfect competition

Question 12

Features of monopolistic competition

Question 13

Features of oligopoly