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Question

Which are the extreme forms of markets classified on the basis of degree of competition?


A

Perfectly competitive and monopoly market

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B

Monopoly and oligopoly market

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C

Oligopoly and monopsony market

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D

Monopolistic and monopoly market

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Solution

The correct option is A

Perfectly competitive and monopoly market


Perfectly competitive market and monopoly market are extreme forms of the market. In between these two extreme forms of the market, there are monopolistically competitive market and oligopoly market.


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