We categorize market structures according to
A) price, function, and size
B) number of firms, entry conditions, and substitutability of goods
C) entry conditions, location, and function
D) number of firms, location, and size
E) number of firms, entry conditions, and size

Question

Quizplus · Accepted Answer

Market structures are categorized based on the number of firms in the market, the conditions of entry or exit in the market, and the substitutability of goods, which refers to how easily products or services offered by different firms can replace each other in the eyes of consumers.

We Categorize Market Structures According to