What Are The Four Conditions Of Monopolistic Competition? Monopolistic competition is a market structure defined by four main characteristics: large numbers of buyers and sellers; perfect information; low entry and exit barriers; similar but differentiated goods. Which of the following is not a feature of monopolistic competition? Free entry and free exit. Which of the
Which Situation Could Be The Best Example Of An Oligopoly? Oligopoly arises when a small number of large firms have all or most of the sales in an industry. Examples of oligopoly abound and include the auto industry, cable television, and commercial air travel. Oligopolistic firms are like cats in a bag. Which situation is
What Condition Differentiates A Market Of Pure Competition? Pure or perfect competition is a theoretical market structure in which the following criteria are met: All firms sell an identical product (the product is a “commodity” or “homogeneous”). All firms are price takers (they cannot influence the market price of their product). Market share has no