Q.
(a) Explain the following terms in the context of the market structure.
(i) Monopolistic (3 marks)
(ii) Oligopoly (3 marks)
(iii) Monopsony (3 marks)
(iv) Oligopsony (3 marks)
(b) Describe the basic criteria of perfect competition in the market structure. (8 marks)
(20 marks, 2015 Q7)
A.
This whole question is about market structure. Refer earlier posting here and their characteristics.
Ref:
Earlier posts.