An Idea That Can Be Named,defined,and Eventually Measured in Some

question 49

Multiple Choice

An idea that can be named,defined,and eventually measured in some way is a(n)

• A)empirical unit.
• B)concept.
• C)theory.
• D)face.

---

Definitions:

Oligopoly

A market structure characterized by a small number of large firms that dominate the market, leading to limited competition and potentially higher prices for consumers.

Monopolistic Industry

An industry structure characterized by a single producer or a handful of producers who control the majority of the market share, limiting competition.

Single, Unique Product

A product that is the only one of its kind and has no close substitutes in the market.

Blocked Entry

A situation in which new firms are prevented from entering a market due to high barriers to entry, such as high startup costs or strict regulations.