There Are Two Types of Markets in Which Firms Face

question 346

Multiple Choice

There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. Those two types of market are

• A)monopolistic competition and oligopoly.
• B)duopoly and triopoly.
• C)perfect competition and monopolistic competition.
• D)duopoly and imperfect competition.

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Definitions:

Liability Standard

The established criteria or benchmark for determining legal responsibility or fault in legal cases, varying by jurisdiction and context.

Robinson-Patman Act

An anti-discrimination law aimed at protecting small businesses from unfair competition practices by larger companies, particularly in the context of price differentiation.

Functional Discounts

Price reductions given to intermediaries in the distribution chain for performing certain functions like storage, distribution, or sales efforts.

Price Discrimination

The practice of charging different prices to different customers for the same product or service, typically without a difference in cost.