Question : TRUE/FALSE 1. There four basic types of market structure. 2. The market : 2110774

TRUE/FALSE

1. There are four basic types of market structure.

2. The market for wheat is most likely considered a monopolistically competitive market.

3. Product differentiation always leads to some measure of market power.

4. To be considered an oligopoly, the market must have a concentration ratio below 50%.

5. A profit-maximizing firm in a monopolistically competitive market charges a price equal to marginal cost.