International Relationship Question:

Define Monopoly market structures required for automotive industry?

Answer:

In the monopoly industry they have a single seller of a product and that particular product has no close substitutes. There is no competition in such market structure as there is only one seller. There is no control on prices as it depends on the demand of the product. Examples are local telephone service and water supply.

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Define perfect competition market structures required for automotive industry?Define Monopolistic competition market structures required for automotive industry?