Consider four types of markets: monopoly,perfect competition,oligopoly,and monopolistic competition.If they were ranked from the lowest number of firms to the largest number of firms,the ranking would be:

Question

Quizplus · Accepted Answer

In a monopoly, there is only one firm. In an oligopoly, there are a few firms. In monopolistic competition, there are many firms but with differentiated products. In perfect competition, there are a very large number of firms with identical products, making it the market structure with the highest number of firms.

Consider Four Types of Markets: Monopoly,perfect Competition,oligopoly,and Monopolistic Competition