When deciding which structure best describes a market, you will need to know which of the following?
(i) the number of sellers
(ii) the type of product being sold
(iii) the average fixed cost curves for the given firms
A)(i) and (ii)
B)(ii) and (iii)
C)(i) and (iii)
D)(i), (ii) and (iii)

Question

Quizplus · Accepted Answer

The number of sellers and the type of product being sold are the two primary factors that determine the market structure. Average fixed cost curves for the given firms do not play a significant role in determining the market structure.

When Deciding Which Structure Best Describes a Market, You Will