Under Which of the Following Market Structures Would Consumers Likely

question 463

Multiple Choice

Under which of the following market structures would consumers likely pay the highest price for a product?

• A)perfect competition
• B)monopolistic competition
• C)oligopoly
• D)monopoly

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Definitions:

Bottleneck Procedure

A method or process in manufacturing or production that significantly slows down or impedes overall workflow due to limited capacity or resources.

Economies Of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Decreasing Returns To Scale

See Diseconomies of scale.

Economies Of Scope

Exist when the cost of producing two products jointly is less than the cost of producing those two products separately.