An Interest Group That Typically Focuses on One Particular Industry

question 30

Multiple Choice

An interest group that typically focuses on one particular industry, with members of the group being drawn exclusively from that industry, is referred to as a(n)

• A) trade association.
• B) employee association.
• C) economic association.
• D) fraternity.
• E) business and industry group.

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Definitions:

Movie Tickets

The admission passes purchased to view films in theaters.

NBA Championship

The annual championship series of the National Basketball Association.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for competition on factors besides price.

Industry Supply Curve

A graph showing the quantity of a good that all producers in an industry are willing to sell at different prices.