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Question

Match the following market structures with their properties.

A
Single good
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B
Identical/Different
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C
Identical Products
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D
Differentiated Goods
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Solution

(i) In a monopoly, there is a single, undifferentiated product.

(ii) In a monopolistic competition, firms sell differentitated products that are close substitutes.

(iii) In a perfectly comptetitive market, all firms sell identical products.

(iv) In an oligopoly, firms can sell either identical or differentiated products.

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