If There Are a Small Number of Firms in an Industry

question 30

Multiple Choice

If there are a small number of firms in an industry:

• A) price competition will result
• B) firms may be able to increase the price above the market price level
• C) firms will compete each other out of business
• D) firms will enter the industry until numerous firms result

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Definitions:

Loyalty

A deep sense of loyalty and commitment to a person or cause.

Gender

The range of characteristics pertaining to, and differentiating between, masculinity and femininity, often based on social and cultural differences rather than biological ones.

Leadership

The act of guiding or directing a group towards achieving a set of goals or objectives.

Effective Leaders

Leaders who achieve desired results through strategic planning, adaptability, and the empowerment of team members, fostering growth and success.