In Which Market Structure Does One Firm Sell a Good

question 31

Multiple Choice

In which market structure does one firm sell a good or service with no close substitutes and there is a barrier blocking the entry of new firms?

• A) only monopoly
• B) only oligopoly
• C) perfect competition
• D) monopolistic competition
• E) either monopoly or oligopoly

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Definitions:

Federal Income Taxes

Federal income taxes are the taxes levied by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.

Maximum Amount

The highest allowable or attainable value, level, or quantity of something.

Federal Unemployment Taxes

Taxes imposed on employers to fund state workforce agencies and unemployment insurance.

Employer

An individual or organization that hires and pays for the services of workers.