When One Firm Sells a Good or Service That Has

question 245

Multiple Choice

When one firm sells a good or service that has no close substitutes and a barrier blocks the entry of new firms,what type of market is this?

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

---

Definitions:

Well-Ordered Society

A society in which there are mutually accepted principles of justice governing the basic structure of the main institutions.

Morally

Pertaining to principles of right and wrong in behavior; ethical.

Acting

Acting involves performing roles in plays, films, television, or other mediums, portraying characters and conveying stories through emotional expression, body language, and voice.

Judgments

Decisions made by courts or judges, often involving the determination of rights and liabilities of the parties in a legal case.