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WAEC Economics 1996 Question 23

Question 23

Market Structures

Which of the following market structures are imperfect in competition? I. Monopoly II. Duopoly III. Oligopoly

  1. A.I only
  2. B.II and III only
  3. C.I and II only
  4. D.I and III only
  5. E.I, II and III
Show the answer and explanation

Answer: E (I, II and III)

Explanation

Monopoly, duopoly and oligopoly all have few sellers with some control over price, so all are imperfect.