Individual markets differ from each other according to?

A. The degree of competition
B. The volume of trade
C. The number of buyers
D. It’s composition

Correct Answer:

Option A – The degree of competition

Explanation

They are basically 5 types of markets and what differentiates them from each other is the level of competition. This determines the difference between one market structure and another. In a market where there is only one seller of a product, the competition would be lower than in a market with many sellers of the same product.