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.The names given to these market structures are:
A)oligopoly and duopoly
B)imperfect competition and monopolistic competition
C)duopoly and imperfect competition
D)monopolistic competition and oligopoly

Question

Quizplus · Accepted Answer

Monopolistic competition and oligopoly are the two types of markets where firms have some control over prices of their products, but still face competition. Monopolistic competition is characterized by a large number of sellers producing differentiated products while oligopoly is characterized by a small number of large firms dominating the market. Both of these market structures allow firms to have some pricing power, but they still face competition from other firms.

There Are Two Types of Markets in Which Firms Face