Imperfect competition includes:
A) monopolistic competition and oligopoly.
B) monopolistic competition and monopoly.
C) perfect competition and monopoly.
D) monopoly and oligopoly.

Question

Quizplus · Accepted Answer

Imperfect competition includes market structures where there is some level of market power or control over price, such as monopolistic competition and oligopoly. Monopoly is a specific type of imperfect competition where there is only one seller in the market with complete control over price. Perfect competition does not involve any market power and is considered a theoretical market structure where no individual participant can influence the market price.

Imperfect Competition Includes