a-1, b-2, c-3, d-4
a-3, b-1, c-2, d-4
a-2, b-4, c-3, d-1
a-1, b-2, c-4, d-3
Answer is Right!
Answer is Wrong!
The correct answer is: D. a-1, b-2, c-4, d-3
- Perfect competition is a market structure in which there are many buyers and sellers of a homogeneous product, and no one buyer or seller has a significant impact on the market price. In a perfectly competitive market, firms engage in market exchange, which is the process of buying and selling goods and services.
- Monopolistic competition is a market structure in which there are many buyers and sellers of a differentiated product, and no one buyer or seller has a significant impact on the market price. In a monopolistically competitive market, firms engage in competitive advertising, which is the use of advertising to promote a product or service in order to increase sales and profits.
- Oligopoly is a market structure in which there are a few large buyers and sellers of a homogeneous or differentiated product, and each buyer or seller has a significant impact on the market price. In an oligopolistic market, firms engage in quality competition, which is the use of product quality to differentiate a product from the products of competitors.
- Monopoly is a market structure in which there is only one buyer or seller of a good or service. In a monopoly market, the firm engages in promotional advertising, which is the use of advertising to promote a product or service in order to create a positive image for the firm or the product.
Here is a more detailed explanation of each market structure and the corresponding method of marketing:
- Perfect competition is a market structure in which there are many buyers and sellers of a homogeneous product, and no one buyer or seller has a significant impact on the market price. In a perfectly competitive market, firms are price-takers, meaning that they must accept the market price for their product. This is because there are so many firms in the market that any attempt by one firm to raise its price would result in a loss of sales to other firms. As a result, firms in a perfectly competitive market must focus on reducing costs in order to maximize profits.
- Monopolistic competition is a market structure in which there are many buyers and sellers of a differentiated product, and no one buyer or seller has a significant impact on the market price. In a monopolistically competitive market, firms are price-makers, meaning that they can set their own prices. This is because there are a limited number of firms in the market, and each firm’s product is slightly different from the products of other firms. As a result, firms in a monopolistically competitive market can charge a price that is above the marginal cost of production. However, firms in a monopolistically competitive market must still be careful not to raise their prices too high, or they will lose sales to other firms.
- Oligopoly is a market structure in which there are a few large buyers and sellers of a homogeneous or differentiated product, and each buyer or seller has a significant impact on the market price. In an oligopolistic market, firms are price-makers, meaning that they can set their own prices. This is because there are a limited number of firms in the market, and each firm’s product is similar to the products of other firms. As a result, firms in an oligopolistic market can collude to set prices or engage in other forms of anti-competitive behavior.
- Monopoly is a market structure in which there is only one buyer or seller of a good or service. In a monopoly market, the firm is the price-maker, meaning that it can set its own prices. This is because there are no other firms in the market to compete with. As a result, firms in a monopoly market can charge very high prices and still make a profit. However, monopolies are often regulated by the government in order to protect consumers from high prices.