Answer to Question #156013 in Economics for yoyo

Question

What type of market structure are these two economists describing? Write a clear sentence that explains how you determined your answer.

Answer 1

Market structure is best defined as the organisational and other characteristics of a market.

There are four basic types of market structures:

1. Pure Competition.
2. Monopolistic Competition
3. Oligopoly.
4. Pure Monopoly.