Question

Match each economic term with its description. Tiles There are no barriers to entry in the market. There is a single seller in the market. Three companies secretly enter into a price agreement. Every company in this market structure is aware of the actions of the other companies. Pairs monopoly arrowBoth oligopoly arrowBoth perfect competition arrowBoth collusion arrowBoth \

Answer 1

Each economic term is matched with its appropriate description as follows:

OLIGOPOLY || There are no barriers to entry in the market.

MONOPOLY || There is a single seller in the market.

COLLUSION || Three companies secretly enter into a price agreement.

PERFECT COMPETITION || Every company in this market structure is aware of the actions of the other companies.

Answer 2

There are no barriers to entry in the market is the match of - Oligopoly (The market is shared by many sellers )

There is a single seller in the market is the match of - Monopoly

Three companies secretly enter into a price agreement is the match for - Collusion

Every company in this market structure is aware of the actions of the other companies is the match for Perfect Competition.