Multiple Choice QuestionWhich of the following market models is considered to be rare in the real world?Multiple choice question.Monopolistic competitionOligopolyMonopolyPerfect competition
Question
Multiple Choice QuestionWhich of the following market models is considered to be rare in the real world?Multiple choice question.Monopolistic competitionOligopolyMonopolyPerfect competition
Solution
The market model that is considered to be rare in the real world is Monopoly. This is because a monopoly implies that there is only one firm in the entire market, which is very unlikely in most real-world scenarios.
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