The system of market models that classify firms according to number of competitors, product differentiation, and ease of entry into or exit from the market is:
A) market structures.
B) competitive structures.
C) business sector analysis.
D) the North American Industrial Classification System.

Question

Quizplus · Accepted Answer

Market structures refer to the classification of firms based on the number of competitors, the level of product differentiation, and the ease of entry into or exit from the market. These structures include perfect competition, monopolistic competition, oligopoly, and monopoly, each with distinct characteristics regarding competition and product differentiation.

The System of Market Models That Classify Firms According to Number