If Market Structures Are Ranked from the One in Which

question 47

Multiple Choice

If market structures are ranked from the one in which firm(s) face the flattest demand curve to the one where they face the steepest,the correct order is

• A)monopoly,monopolistic competition,perfect competition
• B)monopolistic competition,perfect competition,monopoly
• C)monopolistic competition,monopoly,perfect competition
• D)perfect competition,monopoly,monopolistic competition
• E)perfect competition,monopolistic competition,monopoly

---

Definitions:

Prototype Matching

A cognitive process of comparing a stimulus with a mental representation of the best example of a particular category.

Stencil

A sheet of material with a design cut out of it, used to produce the design on an underlying surface by applying ink or paint through the cut-out areas.

Bottom-Up Processing

A cognitive process by which we analyze information starting with the smallest or most detailed elements and working up to a comprehensive understanding.

Top-Down Processing

An approach to information processing guided by higher-level mental processes as we construct perceptions drawing from our experience and expectations.