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Vigita Adhikari
on Dec 13, 2024

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In business, the four basic forms of competition are

A) pure competition, limited competition, oligopoly, and monopoly.
B) dictatorship, monarchy, oligarchy, and democracy.
C) pure competition, cross-market competition, oligopoly, and pure monopoly.
D) technological competition, market competition, governmental competition, and environmental competition.
E) pure competition, monopolistic competition, oligopoly, and pure monopoly.

Monopolistic Competition

A market structure characterized by many firms offering products that are similar but not perfect substitutes, allowing for some degree of market power.

Pure Competition

A market structure characterized by a large number of small firms, homogenous products, and easy entry and exit, leading to price taking behavior by all firms.

Oligopoly

A market structure dominated by a small number of large firms, offering similar or identical products, with significant barriers to entry for new competitors.

  • Understand and separate the distinct characteristics of various market competition types.
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nirul ranjanDec 15, 2024
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