Market Structures and Perfect Competition Q7

Q.
(a) Explain the following terms in the context of the market structure.

(i) Monopolistic (3 marks)

(ii) Oligopoly (3 marks)

(iii) Monopsony (3 marks)

(iv) Oligopsony (3 marks)

(b) Describe the basic criteria of perfect competition in the market structure. (8 marks)

(20 marks, 2015 Q7)

A.

Ref: