(Answered) : PART C: A market is a forum in which people come together to exchange ownership of goods; a place where goods or services are b

PART C:
A market is a forum in which people come together to exchange ownership of goods; a place where goods or services are bought and sold.
REQUIRED:
2.5 Describe the three (3) models of market competition. (6)
2.6 List three (3) characteristics of a monopolistic market. (3)
2.7 State five (5) unethical practices in oligopolistic markets. (5)

Expert Answer

(2.5) There are 4 basic market models of competition: pure competition, monopolistic competition, oligopoly, and pure monopoly.

In a purely competitive market, there are large numbers of firms producing a standardized product. Market prices are determined by consumer demand; no supplier has any influence

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