31.Which of the following markets have the fewest number of firms? A. Monopoly B. Perfect competition C. Oligopoly D. Monopolistic competition
Question
31.Which of the following markets have the fewest number of firms? A. Monopoly B. Perfect competition C. Oligopoly D. Monopolistic competition
Solution
The market with the fewest number of firms is A. Monopoly. In a monopoly, there is only one firm controlling the entire market. This is in contrast to perfect competition, where there are many firms, oligopoly, where there are a few firms, and monopolistic competition, where there are many firms but each one offers a slightly different product.
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