If the market were perfectly competitive instead of oligopolistic, the price would be equal to 10.
What are the 4 types of markets?
Four different market structures are recognized by economists: oligopoly, perfect competition, pure monopolies, and monopolistic competition.
How the prices are determined in different markets?
Demand and supply are interdependent, and this relationship determines market pricing. Demand and supply forces are balanced at an equilibrium price. Prices have a propensity to return to this equilibrium unless certain demand or supply characteristics alter.
What is the definition of supply and demand?
Learn more about supply and demand: https://brainly.com/question/13353440
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