If the Efficient Scale of Production Only Allows Three Firms

question 65

Multiple Choice

If the efficient scale of production only allows three firms to supply a market,the market is a

• A)three-firm monopoly.
• B)cost-based oligopoly.
• C)natural oligopoly.
• D)monopolistic competition.
• E)competitive monopoly.

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Definitions:

Memory

The persistence of learning over time through the encoding, storage, and retrieval of information.

Echoic Memory

A momentary sensory memory of auditory stimuli; if attention is elsewhere, sounds and words can still be recalled within 3 or 4 seconds.

Iconic Memory

A momentary sensory memory of visual stimuli; a photographic or picture-image memory lasting no more than a few tenths of a second.

Retrieval

The process of recalling information stored in memory.