Question

Which market structure is most prevalent in reality? Explain.​

Answer 1

Answer:

Perfect competition is an ideal type of market structure where all producers and consumers have full and symmetric information, no transaction costs, where there are a large number of producers and consumers competing with one another. Perfect competition is theoretically the opposite of a monopolistic market.

Explanation:

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Answer 2

Let's review different market structures and their characteristics. Monopolistic competition is the most common market structure, characterized by brand name and slightly differentiated products with many substitutes.

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