Question

Which of the following are possible Market structures for an economic system

A. Monopoly
B. oligopoly
C. entrepreneurship
D. pure competition
E. socialism
*check all that apply*

Answer 1

In economics there are four different types of market structures. They are as followed:

1) Perfect competition- This allows for businesses to compete against each other for consumers.

2) Monopoly- This is when one business or corporation corners a market. This occurs when a business is the only supplier of a good/service.

3) Oligopoly- This is when a small amount of businesses control a market/product.

4) Imperfect competition

In your question then, the correct answers are : Monopoly, perfect competition, and oligopoly.