Which of the Following Markets Is Characterized by the Following

question 39

Multiple Choice

Which of the following markets is characterized by the following: only a few firms in the industry, a fairly unique product, difficult entry into the industry, and spending for differentiation of the product?

• A)perfectly competitive market
• B)monopolistic competition
• C)monopoly
• D)oligopoly

---

Definitions:

Lock-and-key Model

A model explaining enzyme specificity, where the enzyme's active site (lock) perfectly fits the substrate (key), facilitating the chemical reaction.

Energy Of Activation

The minimum energy that must be supplied to reactants to initiate a chemical reaction.

Amino Acids

Organic compounds that serve as the building blocks for proteins, containing both amine and carboxyl functional groups.

Proteins

Large, complex molecules made up of amino acids that play critical roles in the body, including in structures, enzymes, and immune responses.