Final answer:
Economic terms are matched as follows: a. perfect competition, b. monopoly, c. collusion, and d. oligopoly, each reflecting specific characteristics of market structures.
Step-by-step explanation:
The correct matches for each economic term with its description are:
- a. Perfect competition: There are no barriers to entry in the market.
- b. Monopoly: There is a single seller in the market.
- c. Collusion: Three companies secretly enter into a price agreement.
- d. Oligopoly: Every company in this market structure is aware of the actions of the other companies.
These matches reflect the characteristics of the different market structures. Perfect competition is a market with a large number of sellers, identical products, and no barriers to entry. A monopoly occurs when there is only one seller with high barriers to entry, allowing them to control prices. Collusion is an agreement among firms in an industry to set prices or production levels. An oligopoly is a market structure with few producers, which makes each aware of the other's actions.