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Question
Macroeconomics
Posted 7 months ago
Petunia's Pears sells pear cider. There is only one other seller in the market.
What kind of industry is the market for pear cider?
Choose 1 answer:
(A) monopoly
(B) monopolistic competition
(C) perfectly competitive
(D) oligopoly
(E) monopsony
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Answer from Sia
Posted 7 months ago
Solution
a
Market Structure Identification: The market structure is determined by the number of sellers and the nature of the product
b
Oligopoly Characteristics: An oligopoly is characterized by a few sellers and may have differentiated or homogeneous products. Given that there is only one other seller in the market for pear cider, this suggests a market with very few sellers
Answer
(D) oligopoly
Key Concept
Oligopoly Market Structure
Explanation
The market for pear cider is an oligopoly because it is dominated by only
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