Which Degree of Competition Exists Where the Number of Firms

question 92

Multiple Choice

Which degree of competition exists where the number of firms in the industry is large,all the firms are small,and the products produced are virtually identical?

• A)Monopoly
• B)Perfect competition
• C)Oligopoly
• D)Monopolistic competition
• E)Duopoly

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Definitions:

Preoperational

The stage in Piaget's theory of cognitive development where children from about 2 to 7 years old exhibit egocentric thinking and struggle with understanding the viewpoint of others.

Negative Outcomes

refers to the undesirable or harmful results of actions or conditions, often contrasted with positive results or benefits.

Adolescents

A developmental stage that describes young people transitioning from childhood to adulthood, typically characterized by significant physical, psychological, and social changes.

Formal Operational Period

In Piaget’s theory, the period from about age twelve on, in which a child can think abstractly and consider hypothetical possibilities.