A Particular Industry Has Many Competitors,each of Whom Has No

question 11

Multiple Choice

A particular industry has many competitors,each of whom has no significant control over price.In addition,it is fairly easy to enter the industry.This industry is an example of _____.

• A)pure competition
• B)monopolistic competition
• C)an oligopoly
• D)a pure monopoly

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Definitions:

Total Utility

The overall satisfaction or benefit a consumer receives from consuming a certain quantity of a good or service.

Marginal Utility

The additional satisfaction or utility that a consumer receives from consuming an additional unit of a good or service.

Total Utility

In economics, the total satisfaction received from consuming a particular quantity of goods or services.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.