The two types of imperfectly competitive markets are
A)markets with advertising and markets with price competition.
B)public goods and common resources.
C)oligopoly and monopoly.
D)monopolistic competition and oligopoly.

Question

Quizplus · Accepted Answer

Monopolistic competition and oligopoly are the two types of imperfectly competitive markets. Monopolistic competition is characterized by many firms competing by selling differentiated products, whereas oligopoly is a market structure dominated by a few large firms that can influence the market price through strategic behavior. Option A is incorrect because advertising can be present in both monopolistic competition and oligopoly. Option B is incorrect because public goods and common resources are not examples of imperfectly competitive markets. Option C is partially correct, as oligopoly is one of the types, but monopoly alone is not enough to account for all imperfectly competitive markets.

The Two Types of Imperfectly Competitive Markets Are