In Which Market Structure Does One Firm Sell a Good

question 22

Multiple Choice

In which market structure does one firm sell a good or service with no close substitutes and there is a barrier blocking the entry of new firms?

• A) Only oligopoly
• B) Only monopoly
• C) Perfect competition
• D) Monopolistic competition
• E) Either monopoly or oligopoly

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Definitions:

Social Context

The immediate physical and social setting in which people live or in which something happens or develops.

Situational Context

The environmental, social, or psychological circumstances that surround a specific event or situation, influencing its outcome.

DSM-5

The fifth edition of the Diagnostic and Statistical Manual of Mental Disorders, a classification and diagnostic tool for mental health professionals.

DSM-IV-TR

The fourth edition, text revision of the Diagnostic and Statistical Manual of Mental Disorders, a guide used by clinicians to diagnose mental disorders.