. Which market condition (Monopoly, Perfect Competition, Duopoly, or monopolistic competition) is good for customers and why? Illustrate your choice with an appropriate scenario
. Which market condition (
choice with an appropriate scenario
The market structure in which there are a high number of customers and sellers is known as perfect competition. All the sellers sell the same product, that is, the goods and services are homogeneous. The firm is a price taker in the sense that the price is determined by the market, the firm has no control over market price. There is freedom of entry and exit in the market, the individual share of a firm in a market is so small that it does not affect the market. Firms do not have to incur selling costs as all the products are exactly homogeneous.
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