Ignoring Oligopoly and Focusing on the Other Three Types of Market

question 133

Multiple Choice

Ignoring oligopoly and focusing on the other three types of market structure,in which of those market structures does a profit-maximizing firm experience a zero economic profit

• A)perfect competition only
• B)perfect competition and monopolistic competition
• C)perfect competition, and monopoly
• D)monopolistic competition and monopoly

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Definitions:

Electron

A subatomic particle with a negative charge, fundamental to electricity and chemical bonding.

Light

Electromagnetic radiation that is visible to the human eye, with wavelengths approximately between 380 and 750 nanometers.

Particles

Small localized objects to which can be ascribed several physical properties such as volume or mass; often used in the context of physics to discuss components of atoms and molecules.

Electrical Current

The flow of electric charge through a conductor or circuit, typically measured in amperes.