When the Number of Competitors in a Market Is Quite

question 34

Multiple Choice

When the number of competitors in a market is quite small,a situation known as ________ is created.

• A) monopoly
• B) monopsony
• C) oligopoly
• D) monopolistic competition
• E) pure competition

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Definitions:

Reification

The cognitive process of treating an abstract concept as if it were a real, tangible object.

Abstract Concept

A concept that is not tangible or concrete, often involving complex ideas or qualities such as freedom, love, or justice.

Hypothetical

Pertaining to situations, conditions, or concepts that are possible or imagined rather than real or actual.

Concrete Object

An object that exists in physical form and can be perceived by the senses.