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Question
Imperfect knowledge is a characteristic feature of:
Options
Perfect competition and monopoly
Monopsony and perfect competition
Monopoly and monopolistic competition
Monopolistic competition and perfect competition
Solution
Monopoly and monopolistic competition
Explanation:
Monopolies and monopolistic competition are defined by imperfect knowledge. Buyers and sellers in these markets lack complete or perfect knowledge of prices, products, and market conditions, allowing businesses to manage pricing and product differentiation.
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