Considering the Relevant Market Structures, Which Is an INCORRECT Statement

question 67

Multiple Choice

Considering the relevant market structures, which is an INCORRECT statement?

• A) In a perfectly competitive situation, there is an extremely large number of firms.
• B) In pure monopoly, there is only one firm.
• C) In monopolistic competition, there is a large number of firms.
• D) In any market situation, the number of firms is not very important.

---

Definitions:

Expert Witness

An individual with specialized knowledge or expertise in a particular field, called upon to testify in court cases or legal matters.

Fact Witness

A fact witness is an individual who testifies in court based on the facts and observations related to a case, without providing opinions or expertise.

Schizophrenia

A mental disorder characterized by disruptions in thought processes, perceptions, emotional responsiveness, and social interactions.

Antipsychotic Medication

Drugs used to treat psychiatric conditions by managing symptoms such as delusions, hallucinations, and severe mood swings.