Asked by
Marcus Russell
on Oct 12, 2024
Verified
The market structure in which the behavior of any given firm depends on the behavior of the other firms in the industry is
A) monopoly.
B) perfect competition.
C) oligopoly.
D) monopolistic competition.
Market Structure
Market structure refers to the organizational and other characteristics of a market, including the level of competition and the nature of market participants.
Oligopoly
An industry with just a few firms.
Perfect Competition
A market structure characterized by a large number of small firms, homogenous products, free entry and exit from the market, and full information availability, leading to no single firm influencing the market price.
- Gain insight into the qualities and practices of businesses operating in oligopolistic environments.
- Comprehend the idea of market structure and its effect on company behavior and the dynamics of markets.
Verified Answer
KT
Learning Objectives
- Gain insight into the qualities and practices of businesses operating in oligopolistic environments.
- Comprehend the idea of market structure and its effect on company behavior and the dynamics of markets.