There's a Large Number of Bakeries in the United States

question 124

Multiple Choice

There's a large number of bakeries in the United States and each of these bakeries produces similar, but not identical, products. Some bakeries will claim to have the best cupcakes in town, while others will brag about other items like cookies or specialty breads. The bakery market is an example of

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

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Definitions:

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Farmer

An individual engaged in agriculture, raising living organisms for food or raw materials.

Refuses to Comply

The act of not agreeing to follow a request, rule, or order.

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A reference to a business or organization that has a workforce of ten or more individuals, often used in legal and regulatory contexts to determine applicability of certain rules.