Other Things Being Equal, Which Market Structure Is Most Likely

question 288

Multiple Choice

Other things being equal, which market structure is most likely to yield the greatest industry long-run economic profit?

• A) Monopolistic competition
• B) Oligopoly
• C) Monopoly
• D) Perfect competition

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Definitions:

Expenses

Costs incurred in the process of earning revenue; may include costs like rent, salaries, and utilities.

Business Transaction

An economic event or condition that directly changes an entity’s financial condition or directly affects its results of operations.

Sales Offer

A promotion or deal designed to attract customers by offering products or services at a reduced price or with added incentives.

Cash

Money in the form of coins or notes, which constitutes the company's liquid assets that are readily available for transactions.