What Is Required in Order for a Location to Be

question 5

Multiple Choice

What is required in order for a location to be considered a "city"?

• A) the answer varies from country to country
• B) a high incidence of homelessness
• C) a population of 10 million residents or more
• D) a climate that supports outdoor activities year round
• E) certain traits such as high socio-economic levels and a population of similar ethnicity

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Definitions:

Price

The amount of money expected, required, or given in exchange for something.

Kinked Demand

A demand curve that has a distinct bend or "kink," often used to describe oligopolistic markets where firms face different elasticities for price increases versus price decreases.

Oligopolistic Competition

A market structure in which a few firms dominate. Each firm is aware of the actions of others and may engage in strategic decision making.

Cutthroat Oligopolist

describes a market condition where few firms compete intensely with aggressive pricing and strategies, often to the detriment of all involved.