ACME, Inc Operates in a Market Structure in Which There Are

question 59

Multiple Choice

ACME, Inc. operates in a market structure in which there are many other firms that find it easy to enter or exit. ACME is operating in ________ market.

• A) definitely a perfectly competitive
• B) either a perfectly competitive or a monopolistically competitive
• C) definitely a monopolistically competitive
• D) neither a perfectly competitive nor a monopolistically competitive

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Definitions:

Demonstrator

A person who participates in a public protest or demonstration.

Rectification

The correction of a mistake in an agreement that would have rendered the agreement impossible to perform.

Innocent Misrepresentation

A false statement made without knowledge of its falsehood, leading another to enter into a contract under mistaken beliefs, without intent to deceive.

Unilateral Mistake

An error made by one party in a contract, which may not automatically void the contract unless certain criteria are met.