An Industry Comprising a Very Large Number of Sellers Producing

question 306

Multiple Choice

An industry comprising a very large number of sellers producing a standardized product is known as

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

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Definitions:

Capacity Utilization

A measure of how effectively an entity uses its production capacity to produce goods, expressed as a percentage of total potential output.

Cyclical Industry

An industry highly sensitive to the economic cycle, experiencing rapid growth in booming economies and significant declines during recessions.

Automobile Industry

The automobile industry encompasses the wide range of companies and activities involved in the design, manufacturing, marketing, and selling of motor vehicles.

Tobacco Industry

Comprises companies and entities that manufacture, market, and distribute tobacco and tobacco-related products.