A Firm Faces a Small Number of Competitors

question 47

Multiple Choice

A firm faces a small number of competitors.This firm is competing in

• A) a monopoly.
• B) monopolistic competition.
• C) an oligopoly.
• D) perfect competition.
• E) a perfect multi-firm monopoly.

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Definitions:

P(B)

The likelihood that event B will happen.

Drunk Drivers

Individuals who operate a vehicle while under the influence of alcohol, significantly increasing the risk of accidents and impairments in judgement and coordination.

Proportion

A part, share, or number considered in comparative relation to a whole.

Independent

Not influenced or controlled by others; acting freely.