When There Are Many Small Firms in a Specific Industry,what

question 7

Multiple Choice

When there are many small firms in a specific industry,what is likely to occur?

• A) Competitive advantage
• B) An oligopoly
• C) Private enterprise
• D) Perfect competition
• E) Market force reliability

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Definitions:

Requisition

A formal request from a staff member or doctor for the purchase of equipment or supplies.

Purchase Order

A formal document issued by a buyer to a seller, specifying the products, quantities, and agreed prices for products or services the seller will provide to the buyer.

ROM

Acronym for Read-Only Memory, a type of non-volatile storage medium that permanently stores data on personal computers and other electronic devices.

RAM

See random-access memory.