How Would a Market Structure That Is Most Likely to Result

question 8

Multiple Choice

How would a market structure that is most likely to result in higher prices, lower quality, and fewer choices for consumers be classified?

• A) as a monopoly
• B) as monopolistic competition
• C) as an oligopoly
• D) as pure competition

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Definitions:

Marginal Cost

The cost upsurge due to the production of one extra unit of a product or service.

Marginal Revenue

The supplementary income generated through the sale of an additional unit of a good or service.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices.

Job Satisfaction

The degree to which an individual feels positively or negatively about a job.