Imperfect competition

Question 1

Imperfect competition

Answer 1

Monopoly,oligopoly,monopolistic competition are imperfect competition

Question 2

Perfect competition

Answer 2

Many sellers,Many buyers,homogenous product,perfect knowledge, price taker and freedom of entry

Question 3

Monopoly

Answer 3

One seller,Many buyers,unique product,Imperfect knowledge ,price maker,barriers to entry

Question 4

Barriers to entry

Answer 4

Prevent firms from entering the industry, they might be legal barriers,high set up costs ,inability to access all factors of production

Question 5

Monopolistic competition

Answer 5

Many sellers many buyers,Similar product,but differentiated,imperfect knowledge

Question 6

Oligopoly

Answer 6

few sellers and many buyers,differentiated or homogeneous product ,Imperfect knowledge, price rigidity,high barriers to entry

Question 7

Oligopolists

Answer 7

Might collude to make
maximum profits and reduce chance of price war which will not benefit anyone