Question

The four types of market structures we study in economics are perfect competition, monopoly, oligopoly, and monopsony.

Answer 1

Answer:

The overview according to the definition of the query is listed in the following part of the clarification.

Explanation:

• Perfect rivalry or competition defines a business system in which a vast handful of similar competitors compete with homogeneous goods against each other.
• Monopolistic, respectively, refers to a business system where a vast number of individual companies compete with distinct goods against one another and.
• An Oligopoly defines a system of the economy where a limited number of businesses are competing against one another and.
• A monopoly depends on the business system where every other market is dominated by a single company.