Assumptions of Perfectly Competitive Market

Q.

What are the advantages of perfect competition?

Q. Which of the following most closely approximates our definition of oligopoly?

1. Wheat farmers
2. The cigarette industry
3. The barber shops
4. The gasoline stations

Q. In oligopoly, _________.

1. there are large firms in the market
2. there are two firms in the market
3. there are few buyers in the market
4. there are few firms in the market