Question

multiple choice question
two types of market models that closely approximate many markets in the real world are

o pure competition and monopoly.
o pure competition and monopolistic competition.
o monopoly and monopolistic competition.
o monopolistic competition and oligopoly.
o monopoly and oligopoly.
o pure competition and oligopoly.

Explanation:

Pure - competition has many firms selling identical products, and monopolistic - competition has many firms selling differentiated products. These two models closely approximate many real - world markets. Monopoly has a single seller, oligopoly has a few sellers, and they are less common in approximating most real - world markets.

Answer:

B. pure competition and monopolistic competition