Which of the following is correct?
In perfect competition, most firms in an industry are large.
In monopolistic competition, there are fewer sellers than in perfect competition but still many buyers.
All things considered, perfect competition is the ideal situation.
In order for an oligopoly to exist, there must not be more than three sellers.
In a monopoly, the firm that is the only supplier does not have to worry about how much consumer demand will fall as it raises its prices.

Question

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The Answer of Which of the following is correct?
In perfect competition, most firms in an industry are large.
In monopolistic competition, there are fewer sellers than in perfect competition but still many buyers.
All things considered, perfect competition is the ideal situation.
In order for an oligopoly to exist, there must not be more than three sellers.
In a monopoly, the firm that is the only supplier does not have to worry about how much consumer demand will fall as it raises its prices.

Which of the Following Is Correct