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Considering the relevant market structures, which is an incorrect statement? a
Considering the relevant market structures, which is an incorrect statement?
a. In a perfectly competitive situation, there is an extremely large number of firms,
b. In pure monopoly, there is only one firm,
c. In monopolistic competition, there is a large number of firms,
d. In any market situation, the number of firms is not very important.
Expert Solution
The answer is d. In any market situation, the number of firms is not very important.
The number of firms will decide the market competition. In a perfectly competitive market, the firm will be a price-taker, and in an imperfectly competitive market, it will be a price-maker. In a monopoly and oligopoly market, the firms are very few.
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