Because Most Communities Have a Large Number of Similar but Not

question 38

Multiple Choice

Because most communities have a large number of similar but not identical substitutes,the market for chiropractors is BEST considered to be:

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

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Definitions:

Private Enterprise System

An economic system where private individuals or businesses own capital goods and the production of goods and services is based on supply and demand in the general market.

Intellectual Inputs

Contributions of knowledge, ideas, expertise, and intellectual property to a project, organization, or production process.

Physical Labor

Physical labor refers to work that requires physical effort or manual tasks as opposed to mental work.

Industrial Revolution

A period of major industrialization from the late 18th to early 19th centuries that transformed primarily agrarian, rural societies into industrialized, urban ones.