Even When There Are Only a Few Firms in a Market

question 100

Multiple Choice

Even when there are only a few firms in a market, the market can still be competitive as long as barriers to entry are low. Markets of this type are called

• A) monopolistic markets.
• B) price-taker markets.
• C) contestable markets.
• D) convertible markets.

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Definitions:

Implementation

The process of converting from an old computer system to a new one.

Users Involvement

The engagement of end-users in the development, testing, and implementation process of a software or system to ensure it meets their needs and expectations.

SDLC

Software Development Life Cycle; a process for planning, creating, testing, and deploying an information system.

System Developers

Professionals who create and maintain computer systems by writing, updating, and testing software to meet specific requirements.