Which of the Following Is Likely to Be True in Markets

question 100

Multiple Choice

Which of the following is likely to be true in markets that are not highly competitive?

• A) The costs of production for a single firm are likely to be low.
• B) The level of price competition is likely to be less severe.
• C) It is likely that there is a large number of firms in the market.
• D) The profits earned by firms in this market is likely to be low.

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Definitions:

Modest Income

An income level that is considered to be average or slightly below average in a specific context or community.

Older Workers

Individuals in the workforce who are typically considered to be in the later stage of their working life, often characterized as being near or beyond the traditional retirement age.

Occupational Licensing Laws

Regulations that require individuals to obtain permission, usually in the form of a license, before they can legally work in certain professions.

Labor Markets

The supply and demand for labor, where employers seek to hire workers and workers seek employment.