Match the following features to the corresponding markets:

Perfect Information

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Patents

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Economies of Scale

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Single Buyer

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Solution

(i) A pefectly competitive market assumes perfect knowledge for both buyers and sellers.

(ii) An artificial monopoly is one which emerges through legal barriers like patents and copyrights.

(iii) A monopsony is a market with a single buyer.

(iv) A natural monopoly arises due to natural factors like economies of scale for that industry or sole control over resources.

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Similar questions

Explain the implications of the following features of perfect competition:

(a) large number of buyers and sellers

(b) freedom of entry and exit to firms

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