Consider the Following Characteristics of a Particular Industry: - There

question 15

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

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Definitions:

Marginal Benefit

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The discipline of learning about how societies use scarce resources to produce valuable commodities and distribute them among different people.