Imperfect Competition

question 350

Multiple Choice

Imperfect competition

• A) means there is no competition in the market.
• B) results in less efficient market outcomes.
• C) should always be regulated by the government
• D) is a major cause of externalities in the market.

---

Definitions:

Vietnam War

A protracted conflict (1955-1975) between North Vietnam, supported by its communist allies, and South Vietnam, supported by the United States and other anti-communist nations.

ISIS/Islamic State

A militant group that follows a fundamentalist doctrine of Sunni Islam and aimed to establish a caliphate in the Middle East.

U.S. Invasion

Refers to military operations where the United States has entered another country with armed forces, often leading to significant political and social implications.

Foreign Policy

A government's strategy in dealing with other nations, involving diplomacy, military actions, and trade agreements.