A Market in Which Firms Can Enter and Leave So

question 83

Multiple Choice

A market in which firms can enter and leave so easily that firms in the market face competition from potential entrants is called a

• A) contestable market.
• B) cartel.
• C) limit pricing market.
• D) monopolistic competition market.

Grasp the impact of education, leadership, and social traditions in transmitting ethics.

Discern the significance of ethical thinking in addressing moral dilemmas.

Comprehend the variety of sources from which ethical norms derive, including philosophical, religious, and cultural traditions.

Understand the relationship between individual actions, societal norms, and ethical principles.

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Definitions:

Monetary Cost

The amount of money required to purchase goods or services, or the financial expenditure associated with an action or decision.

Benefits Received

A principle in public finance that taxes should be levied according to the benefits received by the taxpayer from government services.

Price Elasticity

A measure of how responsive the quantity demanded of a good is to a change in its price.

Demand Curve

The number of units of a product that people would be willing to purchase at different price levels.