If You Were to Rank the Four Market Structures in Terms

question 8

Multiple Choice

If you were to rank the four market structures in terms of lowest concentration ratio to highest concentration ratio, which of the following rankings would be correct?

• A)oligopoly, monopoly, perfect competition, monopolistic competition
• B)monopoly, oligopoly, monopolistic competition, perfect competition
• C)perfect competition, monopolistic competition, oligopoly, monopoly
• D)monopolistic competition, perfect competition, oligopoly, monopoly
• E)monopolistic competition, oligopoly, perfect competition, monopoly

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Definitions:

Duty of Loyalty

An obligation of fiduciaries, such as corporate directors or trustees, to act in the best interest of their beneficiaries or the corporation without conflict of interest.

Powers of Attorney

Legal documents that grant one person the authority to act on behalf of another in legal or financial matters.

Express Trust

A fiduciary relationship deliberately created by the trustor through direct declaration, specifying how trust assets are to be held and managed by a trustee.

Per Capita

A method of distributing an intestate’s estate so that each heir in a certain class (such as grandchildren) receives an equal share.