There Are a Large Number of Small Firms That Provide

question 142

Multiple Choice

There are a large number of small firms that provide entertainment for children's birthday parties.There is little difference between one company's inflatable slide and another company's.Clowns and magicians do similar tricks.Both the sellers and the parents buying the entertainment are well informed as to price and sources although sometimes it is difficult to hire the same entertainer two years in a row because the business is so easy to open and close.What type of market structure do local party entertainers depict?

• A)perfect competition
• B)monopolistic competition
• C)imperfect competition
• D)a pure monopoly
• E)an oligopoly

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Definitions:

Lost Sale

A potential revenue that was not earned because of stockouts, inability to meet customer demand, or other sales process failures.

Random Number Intervals

A distribution of numeric values generated by a process where each number has an equal chance of being chosen within a specified range.

Historical Records

Documents, archives, or databases that preserve past information and events, serving as evidence or reference.

Demand Frequency

The rate or interval at which a product or service is requested or required by customers.