A Market Structure in Which a Small Number of Firms

question 282

Multiple Choice

A market structure in which a small number of firms compete is called

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

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Definitions:

Marginal Utility

It describes the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.

Total Utility

The overall satisfaction or benefit received by consuming a product or service.

Marginal Utility

The additional satisfaction a consumer gains from consuming one more unit of a good or service.

Marginal Utility

The additional satisfaction or benefit (utility) that a consumer derives from acquiring or consuming one more unit of a good or service.