Final answer:
Michael Porter's theories are applicable primarily to Monopolistic Competition and Oligopoly, as these markets allow for both price competition and product differentiation, unlike Perfect Competition and Monopoly.
Step-by-step explanation:
Michael Porter's competitive strategy theories demonstrate that different market structures dictate how firms can compete on price and other factors. From the options provided, types of markets where both price competition and product differentiation are relevant include Monopolistic Competition and Oligopoly. In Monopolistic Competition, numerous firms offer differentiated products and compete on price, product features, and marketing. Oligopoly is a market structure where a few large firms dominate, typically with high barriers to entry and strategic inter-firm competition influencing pricing and output decisions.
In contrast, Perfect Competition is characterized by many firms selling identical products, and firms act as price takers without market power. Monopoly, another market structure, exists when a single firm has significant control over the market and can influence price due to lack of competition. Hence, Porter's frameworks notably apply to closer examination of Monopolistic Competition and Oligopolistic markets, where competition takes on more complex dimensions compared to Perfect Competition or Monopoly.