Case Interview Prep

Answer: D - Imperfect competition is not a type of market structure.

Key Takeaway: There are four kinds of market structures: perfect competition, monopoly, oligopoly, and monopolistic competition. The differences between these markets are described in terms of freedom of entry of enterprises, product differentiation, and the number of companies and firms that operate within each structure. For example, monopolies have few products, severely restrict entry of companies and firms, and products tend to be unique. In contrast, perfect competition markets have many products and make it easy for companies and firms to present their products.