When There Are Just a Few Firms in the Industry

question 397

Multiple Choice

When there are just a few firms in the industry, the industry structure is most likely to be

• A) a perfectly competitive industry.
• B) an oligopoly market.
• C) a monopoly market.
• D) a natural monopoly market.

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Definitions:

Realistic Conflict Theory

A social psychological model that describes how conflict and competition between groups arise over actual competition for limited resources.

Prejudice

Preconceived opinions or judgments about individuals or groups based on biases without factual basis.

Scarce Resources

Economic term for assets, materials, or substances that are in limited supply in relation to their demand.

Social Identity

Refers to how individuals categorize themselves and others into groups, such as social class, family, race, and how these categories form part of an individual's self-concept.