ECON 1000 CHAPTER 6 Que &Answ Fall solution
Competitive firms cannot individually affect market price because:
Which of the following is an example of a monopoly?
D.) Oligopoly, perfect competition, monopolistic competition, monopoly Answer - C
An industry in which a few large firms supply most or all of a product is known as:
A.) Perfect competition.
B.) A monopoly.
C.) Monopolistic competition.
D.) An oligopoly. Answer - D
An industry in which many firms produce similar products but each firm has significant brand loyalty is
known as:
A.) Perfect competition.
B.) A monopoly.
C.) Monopolistic competition.
D.) An oligopoly. Answer - C
Which of the following is characteristic of perfectly competitive markets?
A.) Differentiated products
B.) A large number of firms
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