Consider the Following Characteristics of a Particular Industry: - There

question 12

Multiple Choice

Consider the following characteristics of a particular industry: - there is freedom of entry and exit
- in long- run equilibrium,each firm is producing a level of output where there are increasing returns to scale
This industry is likely to be

• A)monopolistically competitive.
• B)an oligopoly.
• C)perfectly competitive.
• D)a cartel.
• E)highly concentrated.

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Definitions:

Peanut Plant

A legume crop grown primarily for its edible seeds, which are enclosed in a pod.

Winged Bean

A tropical legume plant native to Papua New Guinea, known for its edible leaves, flowers, roots, and pods.

Human Blindness

A condition where a person lacks visual perception due to physiological or neurological factors.

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A fat-soluble vitamin important for normal vision, immune system function, and reproduction, found in foods such as carrots, spinach, and dairy products.