An Industry with Only Two Firms Is Generally Called

question 268

Multiple Choice

An industry with only two firms is generally called:

• A)a monopoly.
• B)monopolistic competition.
• C)a duopoly.
• D)perfect competition.

---

Definitions:

Shares

Units of ownership interest in a corporation or financial asset, which provide for an equal distribution in any profits, if any are declared, in the form of dividends.

Patent Rights

Legal rights granted to an inventor or assignee to exclusively exploit an invention for a certain period of time.

Goodwill

An intangible asset that arises when a business is purchased for more than the fair value of its net assets.

Fair Market Value

The price that property would sell for on the open market, reflecting the amount a knowledgeable, willing, and unpressured buyer would pay to a knowledgeable, willing, and unpressured seller.