Refer to the Figure

question 61

Multiple Choice

Refer to the figure.
From 1950 to 2010, the average sea temperature has _______ approximately _______^oC.

• A) decreased; 10
• B) increased; 10
• C) decreased; 1
• D) increased; 1

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Definitions:

Monopolistic Competition

Market structure in which large numbers of buyers and sellers exchange heterogeneous products so each participant has some control over price.

Homogeneous Product

A product that is virtually indistinguishable from the same products offered by different suppliers in the market.

Control Over Price

The ability of a company or seller to dictate the price of a product or service in the market.

Pure Competition

A market structure characterized by an extremely high level of competition, where there are many sellers offering standardized products.