In which of the market situations, there are large number of buyers and sellers selling identical products in the market?

1. Monopoly
2. Perfect competition
3. Monopolistic competition
4. Oligopoly

Explanation: Perfect Competition: Perfect competition is a market situation where there are a large number of buyers and sellers and selling of identical products takes place. Monopolistic competition: A market condition where a large number of firms selling similar but not identical products are termed as Monopolistic Competition. Oligopoly: An oligopoly is a market situation where only a few sellers selling products similar or identical to the others. Monopoly: Monopoly, in which there is only one provider of a product or service.