Part I. Write True if the statement is correct and false if it is incorrect. 1. ✓ 2. ✓ 3. 4. 5. 6. 7. Y8. Market structure refers to the competitive environment in which the buyers and sellers of a product operate. A market structure is defined in terms of the number and sizes of buyers and sellers on a market, the type of product traded on the market, the mobility of resources, and the amount of knowledge economic agents have about market conditions Oligopoly is a market structure in which there are few sellers of a product and additional sellers cannot easily enter the industry. Under perfect competition, changes in market supply do not affect market price. The only choice available to a perfectly competitive firm that is producing efficiently is what price to charge in order to maximize profits. Banks are intermediaries between the depositors and the borrowers. The allocation of saving and investment is undertaken in financial markets. Financial institutions include banks, insurances and microfinances ​