There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. Those two types of market are
A)monopolistic competition and oligopoly.
B)duopoly and triopoly.
C)perfect competition and monopolistic competition.
D)duopoly and imperfect competition.

Question

Quizplus · Accepted Answer

Monopolistic competition and oligopoly are the two types of markets in which firms have some control over the prices of their products, but they still face competition. In monopolistic competition, firms sell differentiated products and can adjust their prices to a certain extent. In oligopoly, a few large firms dominate the market, and they can collude to set prices or engage in non-price competition. Duopoly and triopoly refer to the number of firms in a market, but they do not necessarily imply that firms have control over prices. Perfect competition is a market structure in which firms cannot control the price of their products, while imperfect competition is a broad category that includes monopolistic competition, oligopoly, and other market structures with some degree of market power.

There Are Two Types of Markets in Which Firms Face