Which of the Following Market Structures Describes an Industry in Which

question 72

Multiple Choice

Which of the following market structures describes an industry in which a group of firms formally agree to control prices and output of a product?

• A) Perfect competition.
• B) Monopoly.
• C) Oligopoly.
• D) Cartel.
• E) Monopolistic competition.

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Definitions:

Cent

A monetary unit equal to one hundredth of a dollar or other unit of currency.

Evaluate

To assess or determine the value, significance, or condition of something through analysis or calculation.

Nearest Cent

The nearest cent is a rounding approach where prices or amounts are rounded up or down to the nearest one-hundredth of a dollar.

Evaluate

To carefully assess or appraise the value, quality, or performance of someone or something.