In the Middle of the Mountains in Northern BC, There

question 53

Multiple Choice

In the middle of the mountains in northern BC, there are five service stations competing for all the business that exists in this isolated location. When one service station lowers its price on gas, all must follow suit. These service stations are operating in which type of market structure?

• A) oligopoly
• B) monopoly
• C) perfect competition
• D) imperfect competition

---

Definitions:

Behavior

One’s bearing, demeanor, and conduct. Behavior theory in leadership focuses on leadership style, such as autocratic, democratic, and laissez-faire, as well as leadership dimensions, such as initiating structure and showing consideration.

Capillaries

The smallest blood vessels in the body's circulatory system, facilitating the exchange of water, oxygen, carbon dioxide, and other nutrients and waste substances between blood and surrounding tissues.

Normal Exchange

The standard process of trading goods, services, or financial instruments in an established system or market.