Under Which of the Following Market Structures Would the Highest

question 113

Multiple Choice

Under which of the following market structures would the highest output of a particular good be produced?

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

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Definitions:

Specialization

The practice of focusing on a specific area or activity to achieve greater efficiency and productivity.

Production Possibilities

A graphical representation of the alternative combinations of goods and services an economy can produce when all its resources are fully and efficiently utilized.

Specialize

To concentrate on and become expert in a particular subject or skill.

Trade

The exchange of goods, services, or both between two or more parties, either within a country or internationally.