What Type of Competitive Structure Exists When a Firm Produces

question 12

Multiple Choice

What type of competitive structure exists when a firm produces a product that has no close substitutes?

• A) Monopoly
• B) Oligopoly
• C) Monopolistic competition
• D) Pure competition
• E) Mixed competition

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Definitions:

Appraise

To appraise is to evaluate or estimate the nature, quality, ability, extent, or significance of something or someone, often used in the context of property or art valuation.

Proportion

A part of a whole expressed as a fraction or percentage, often used to compare quantities in terms of size or magnitude.

Quick Ratio

A liquidity measure that indicates a company's ability to cover its short-term liabilities with its most liquid assets.

Current Ratio

A liquidity ratio that measures a company's ability to pay short-term obligations or those due within one year, calculated as current assets divided by current liabilities.