An Industry Characterized by a Few Interdependent Firms and by Barriers

question 142

Multiple Choice

An industry characterized by a few interdependent firms and by barriers to entry is called:

• A)perfect competition.
• B)monopolistic competition.
• C)monopoly.
• D)oligopoly.

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Definitions:

Creditors

Individuals or institutions that lend money or extend credit, and are thus owed repayment by the borrower or debtor.

Just-In-Time Inventory

An inventory strategy companies employ to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

Inventory Levels

A measure of the quantity of goods and materials on hand in a business at any given time.

Planning

The process of defining goals, establishing strategies, and outlining tasks and schedules to achieve the goals.