There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products.What are the names given to these market structures
A)monopolistic competition and oligopoly
B)duopoly and triopoly
C)perfect competition and monopolistic competition
D)duopoly and perfect competition

Question

Quizplus · Accepted Answer

Monopolistic competition refers to a market structure where there are many firms selling similar but slightly differentiated products, with some control over their prices due to product differentiation. Oligopoly refers to a market structure where there are few dominant firms in the market, which gives them some control over prices due to their interdependence and ability to collude. Both of these market structures are characterized by some competition but also some level of control over pricing by the firms, making A) the correct choice. The other options do not accurately describe these market structures.

There Are Two Types of Markets in Which Firms Face