All of the following are types of imperfect competition except ?
Correct answer: D. unfair competition
- A. monopolistic competition
- B. oligopoly
- C. monopoly
- D. unfair competition
Explanation
Monopolistic competition, oligopoly and monopoly are the standard market structures of imperfect competition. Unfair competition describes improper business practices, not a standard market structure.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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