The Type of Industry in Which There Are a Few

question 79

Multiple Choice

The type of industry in which there are a few firms and each of these firms reacts to the other firms' moves is called

• A)monopoly.
• B)oligopoly.
• C)monopolistic competition.
• D)pure competition.
• E)competition.

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Definitions:

Authority

The power or right assigned to an individual or organization to make decisions, direct others, and enforce obedience.

Responsibility

Responsibility is the obligation to act correctly, either morally or legally, or to be accountable for something within one’s control.

Maturation

The process of development in which an individual reaches an advanced stage of growth and becomes fully grown or fully developed.

Physical Development

The process of bodily changes and growth throughout a person's life, including motor skills, strength, and coordination.