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3 years ago

Types of imperfect competition

Business

1 answer:

hoa [83]3 years ago

3 0

Monopolistic competition: A situation in which many firms with slightly different products compete. Production costs are above what may be achieved by perfectly competitive firms, but society benefits from the product differentiation.

Monopoly: A firm with no competitors in its industry. A monopoly firm produces less output, has higher costs, and sells its output for a higher price than it would if constrained by competition. These negative outcomes usually generate government regulation.

Oligopoly: An industry with only a few firms. If they collude, they form a cartel to reduce output and drive up profits the way a monopoly does.

Duopoly: A special form of Oligopoly, with only two firms in an industry.

Monopsony: A market with a single buyer and many sellers.

Oligopsony: A market with a few buyers and many sellers.

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Gre4nikov [31]

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learn more about FAU: brainly.com/question/16054173

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2 years ago

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