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Economics

Give the names and summarize the main characteristics of the four basic market model

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter24: Monopolistic Competition, Oligopoly, And Game Theory

Section: Chapter Questions

Problem 1QP

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Question

Give the names and summarize the main characteristics of the four basic market model

Expert Solution

Step 1

Models associated with markets show us the different type of relations and the interaction between the buyer (consumer) and the seller (producer) in the market. The four broad categories of these models are- perfect competition, monopoly, monopolistic competition and oligopoly.

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