If an Industry Consists of Two Large Firms,it Is Known

question 77

Multiple Choice

If an Industry consists of two large firms,it is known as a(n)

• A)monopoly
• B)perfect competition
• C)monopolistic competition
• D)natural monopoly
• E)duopoly

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Definitions:

Opportunity Cost

The consequence of dismissing the next most suitable option while deciding.

Production Possibilities

Various combinations of the amounts of goods and services that an economy can produce efficiently with its available resources and technology.

Absolute Advantage

An entity's capability to manufacture a good or render a service with greater efficiency and less resources compared to its competitors.

Rice

A staple food grain that is a primary food source for more than half of the world's population, known for its versatility and ability to be grown under varied agricultural conditions.