An Industry with a Large Number of Relatively Small Firms

question 205

Multiple Choice

An industry with a large number of relatively small firms producing differentiated products in a market with easy entry and exit of firms is:

• A)a monopoly.
• B)a duopoly.
• C)an oligopoly.
• D)monopolistically competitive.

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Definitions:

Polarised

Having opinions or characteristics that are directly opposite of each other, often leading to a division.

Extreme

Representing a high degree of a quality or condition, often characterized by actions or opinions that are far from the norm or average.

Self-Categorisation Theory

A psychological theory explaining how individuals classify themselves and others into categories, affecting behavior and social identity.

Polarisation

The division into two sharply contrasting groups or sets of opinions or beliefs.