A Few Sellers May Behave as If They Operate in a Perfectly

question 102

Multiple Choice

A few sellers may behave as if they operate in a perfectly competitive market if the market demand is:

• A) highly inelastic.
• B) very elastic.
• C) unitary elastic.
• D) composed of many small buyers.

---

Definitions:

Monopolies Illegal

A legal stance or policy where monopolies are prohibited due to their potential to limit competition, raise prices, and reduce choices for consumers.

Supreme Court

The highest judicial court in a country or state, responsible for interpreting the constitution and laws and applying their interpretations to major legal cases.

Antitrust Cases

Legal actions taken to address or prevent business practices that reduce competition in the marketplace.

Sherman Act

A landmark federal statute in the U.S. antitrust law prohibiting monopolistic practices and promoting competition.