A(n) __________ Is an Economic Structure in Which a Few

question 56

Multiple Choice

A(n) __________ is an economic structure in which a few very large, very powerful, and very rich owners control an industry or collection of related industries.

• A) oligarchy
• B) monopoly
• C) oligopoly
• D) monarchy

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Definitions:

Functional Fixedness

A mental shortcut that restricts an individual to employing an item solely in its conventional manner, obstructing innovative thinking and the ability to solve problems.

Availability Heuristic

A cognitive bias where people judge the likelihood of events based on how easily examples come to mind.

Elimination-by-aspects Strategy

A decision-making process where choices are sequentially eliminated based on whether they fail to meet certain criteria.

Alternate Outcomes Analysis

A decision-making process that involves considering different possible outcomes to evaluate the effectiveness of decisions.