Match the characteristics with their market structure a MC Price b Firm will tend to set output so t...........

General Studies (CHSL) Indian Economy

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Match the characteristics with their market structure:

(a) MC = Price

(b) Firm will tend to set output so that it earns maximum profits.

(a) Pure Competition, (b) Pure Monopoly

(a) Pure Monopoly, (b) Monopolistic Competition

(a) Oligopoly, (b) Monopolistic Competition

(a) Pure Competition, (b) Oligopoly

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Explanation:

Perfect competition: the efficient market where goods are produced using the most efficient techniques and the least amount of factors. This market is considered to be unrealistic but it is nevertheless of special interest for hypothetical and theoretical reasons .Monopoly ; it represents the opposite of perfect competition. This market is composed of a sole seller who will therefore have full power to set prices.