Which Market Structure Is Characterized by the Following Characteristics

question 25

Multiple Choice

Which market structure is characterized by the following characteristics?
i.a large number of firms compete
ii.each firm produces a differentiated product
iii.firms are free to enter and exit

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

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Definitions:

Nonunion Workplace

An employment setting where the workforce is not organized or represented by a labor union.

Step-Review System

A system for reviewing employee complaints and disputes by successively higher levels of management.

Step-Review Procedure

A formal process used in performance evaluations where feedback and objectives are reviewed in sequential steps or stages.

Progressive Discipline

A human resources strategy that applies increasingly severe actions or penalties for repeated employee infractions or performance issues.