{"id":53884,"date":"2024-04-16T00:00:45","date_gmt":"2024-04-16T00:00:45","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=53884"},"modified":"2024-04-16T00:00:45","modified_gmt":"2024-04-16T00:00:45","slug":"agricultural-goods-market-depicts-characteristics-close-to","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/agricultural-goods-market-depicts-characteristics-close-to\/","title":{"rendered":"Agricultural goods market depicts characteristics close to"},"content":{"rendered":"

[amp_mcq option1=”Perfect competition” option2=”Oligopoly” option3=”Monopoly” option4=”Monopolistic competition” correct=”option2″]<\/p>\n

The correct answer is: B. Oligopoly<\/strong><\/p>\n

An oligopoly is a market structure in which a small number of large firms have a large share of the market. This means that each firm has a significant amount of market power and can influence the price of its products.<\/p>\n

Agricultural goods markets are often oligopolistic because there are a small number of large firms that produce most of the world’s agricultural products. These firms include Cargill, Archer Daniels Midland, and Bunge. These firms have a lot of market power because they control a large share of the market and they can influence the price of their products.<\/p>\n

Perfect competition is a market structure in which there are a large number of small firms that produce identical products. This means that each firm has a very small share of the market and has no market power.<\/p>\n

Monopoly is a market structure in which there is only one firm that produces a good or service. This means that the firm has a 100% share of the market and has a lot of market power.<\/p>\n

Monopolistic competition is a market structure in which there are a large number of firms that produce similar but not identical products. This means that each firm has a small share of the market but has some market power.<\/p>\n

In conclusion, the agricultural goods market depicts characteristics close to an oligopoly because there are a small number of large firms that have a large share of the market.<\/p>\n","protected":false},"excerpt":{"rendered":"

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