Question

Monopoly (mp) and perfect competition (pc) are the two completely opposite market structures. the market structures that fall between these two extremes are generally called:________

Answer 1

Monopoly (mp) and perfect competition (pc) are the two completely opposite market structures. the market structures that fall between these two extremes are generally called imperfectly competitive markets.

Imperfect competition is a competitive market state of affairs where there are many dealers, however they may be selling heterogeneous (diverse) items instead of the correct aggressive marketplace state of affairs. as the name indicates, competitive markets are imperfect in nature.

Imperfect opposition regularly exists because of extremely excessive obstacles to entry for new suppliers. As an example, the airline industry has high barriers to entry due to the extraordinarily high cost of aircraft.

Imperfect markets are characterized by means of having competition for marketplace share, excessive boundaries to access and go out, exceptional products and services, and a small wide variety of customers and sellers. best markets are theoretical and can't exist inside the actual international; all real-world markets are imperfect markets.

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