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3. Which of the following is NOT one class of a market structure? A. Perfect competition...

3. Which of the following is NOT one class of a market structure?

A. Perfect competition

B. Dictatorship

C. Monopoly

D. Monopolistic competition

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Homework Answers

Answer #1

Option B

  • Dictatorship is not considered as a class of market structure as it is a form of government in which a single person or a leader makes all decisions that govern a nation.

The various classes of market structure are:-

  • Monopoly -- consisting of a single firm selling unique goods and services.
  • Perfect competition ----- consists of large number of buyers and sellers selling identical products.
  • Monopolistic competition ---. Consists of large number of firms selling identical products.
  • Oligopoly ---. Consists of small number of dominant firms selling differentiated or identical products.
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