A Market Structure in Which a Small Number of Firms

question 282

Multiple Choice

A market structure in which a small number of firms compete is called

• A) perfect competition.
• B) monopolistic competition.
• C) oligopoly.
• D) monopoly.

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Definitions:

Centralization

The concentration of decision-making and authority in a central location or among a small group of people within an organization.

Job Responsibilities

Specific duties, tasks, and roles associated with a particular job that an employee is expected to perform.

Predictable Ways

Actions or patterns of behavior that can be expected based on previous occurrences or established norms.

Mechanistic

Describes an organization structured with clear, rigid procedures and divisions, often likened to a machine in its operation.