Question

Which is the least competitive market structure?

Answer 1

Answer:

The correct sequence of the market structure from most to least competitive is perfect competition, imperfect competition, oligopoly, and pure monopoly.

Answer 2

1. The least competitive market structure is Perfect competition.
2. It is so because all the producers have perfect knowledge of the market and even there are easy entry as well as exit rules.
3. So it is not possible for individual producers to device any scheme with which they can increase their production.
4. All the firms earn only normal profit in the market.