Which of the Following Is a Term That Is Sometimes

question 196

Multiple Choice

Which of the following is a term that is sometimes used to describe markets with low entry barriers and firms that are price searchers?

• A) pure competition
• B) monopoly
• C) monopolistic competition
• D) oligopoly

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Definitions:

Output Expansion

The increase in the production of goods or services by a firm or economy over time.

Market Entry

The strategy or process of introducing new products or services into an existing or new market.

Market Failures

Situations where markets do not allocate resources efficiently on their own, leading to a loss of economic welfare.

Government Role

The activities undertaken by a government to regulate and administer economic, social, and political affairs.