A Market Structure in Which a Small Number of Producers

question 221

Multiple Choice

A market structure in which a small number of producers compete against each other is

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

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Definitions:

Behavioral Economists

Behavioral economists study how psychological, cognitive, emotional, cultural, and social factors affect economic decisions of individuals and institutions.

Brand Loyalty

The tendency of consumers to continuously purchase the same brand's products over competitors due to preferences, satisfaction, or perceived value.

Monopoly Power

The ability of a single entity to control a significant portion of the market and influence price or output levels.

Status Quo Bias

A cognitive bias that leads individuals to prefer things to remain the same or maintain their current state over pursuing change.