Match the features given in the left column with the market structure in the rig

Question

Match the features given in the left column with the market structure in the right column. 1. Each of the many firms in the industry faces a downward-sloping demand curve. a. Perfect Competition 2. Each firm in the industry takes market price as given. 3. Firms produce homogeneous or differentiated products. 4. Industry has a single, unique product and blocked entry. 5. Industry is characterized by strategic behavior. 6. There are virtually no entry and exit barriers b. Monopolistic Competition c. Oligopoly d. Monopoly OA. 6 matches with a and b; 3 matches with d; 5 matches with b and c. O B. 1 matches with c; 6 matches with a; 3 matches with b; 5 matches with c ° C. 2 matches with a: 3 matches with c; 4 and 6 match with b. 0 D. 1 matches with b: 2 matches with a: 3 matches with c; 4 matches with d

Explanation / Answer

B is the correct option

Reason

The characteristics of each of the market structure on the right column is properly described by the ones in option b.

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