Which Market Structure Has Many Relatively Small Buyers and Sellers

question 138

Multiple Choice

Which market structure has many relatively small buyers and sellers, a standardized product, good information for both buyers and sellers, and no barriers to entry or exit?

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

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Definitions:

Ingroup Favoritism

The tendency to give preferential treatment and regard to members of one's own group over those of another group.

Minimal Group Effect

The minimal group effect describes the tendency of people to favor and prioritize the interests of even arbitrarily defined in-groups over out-groups.

Discontinuity Effect

A phenomenon in which groups exhibit less cooperation and more competitive or aggressive behaviors than individuals when engaged in intergroup interactions.

Identifiable

Capable of being recognized or distinguished as separate and distinct from others.