Of the Following Market Structures, Which Are Considered Imperfectly Competitive

question 583

Multiple Choice

Of the following market structures, which are considered imperfectly competitive?
I.
Perfect competition
II.
Monopoly
III.
Monopolistic competition
IV.
Oligopoly

• A)III only
• B)II and III
• C)III and IV
• D)II, III, and IV

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Definitions:

Sports Bar

A bar or tavern that provides a venue for people to watch sporting events, often equipped with multiple large-screen televisions.

Normal Return

The minimum profit needed by investors to justify the capital invested in a business venture, often equated to the opportunity cost.

Total Revenue

Total Revenue is the total amount of money received by a firm from sales of goods or services before any expenses are deducted.

Economic Profit

The contrast between cumulative revenue and cumulative costs, taking into account both clear and veiled expenses.