A Market That Involves Only One Seller of a Good

question 178

Multiple Choice

A market that involves only one seller of a good or service is known as

• A)a monopoly
• B)perfect competition
• C)monopolistic competition
• D)an oligopoly
• E)perfect monopolistic competition

---

Definitions:

Continuous Improvement

An ongoing effort to improve products, services, or processes by making small, incremental improvements over time.

Deming

Refers to W. Edwards Deming, an American engineer, statistician, professor, author, lecturer, and management consultant known for his work in the field of quality management and for his influence on modern business practices.

Juran

Refers to Joseph M. Juran, a key figure in the field of quality management, best known for his work on quality control and planning.