In Which Market Structure Are There a Small Number of Firms

question 105

Multiple Choice

In which market structure are there a small number of firms competing?

• A) only monopoly
• B) only oligopoly
• C) perfect competition
• D) monopolistic competition
• E) either monopoly or oligopoly

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Definitions:

Negative Externalities

Costs suffered by a third party as a result of an economic transaction.

Government Tax

is a compulsory financial charge or levy imposed by a government on individuals or corporations to fund public expenditures.

Allocation of Resources

The process of distributing available resources among various uses or projects in an effort to achieve strategic goals and efficiency.

Anytown

A hypothetical or generic place used as a stand-in name for any town or city in discussions or examples.