If Competitive Market Circumstances Are Such That There Is Almost

question 10

Multiple Choice

If competitive market circumstances are such that there is almost no price competition, no product differentiation, and the only advertising informs prospects that the product is available, then the competitive market in this industry must be

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

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Definitions:

Misrepresentation

The act of providing false, misleading, or incorrect information about a material fact in a contract.

Specific Performance

A legal remedy requiring a party to fulfill their obligations under a contract, rather than paying damages for failure to do so.

Lack of Capacity

A legal term referring to an individual's inability to enter into a contract due to mental incompetence or age.

Duress

Unlawful pressure exerted upon a person to coerce them into an action against their will, often making a contract voidable.