Some Companies Have Competitors but Do Not Face Much Competition;

question 179

Multiple Choice

Some companies have competitors but do not face much competition; in this case they are not price takers. Economists call this situation:

• A) imperfect competition
• B) an oligopoly
• C) a duopoly
• D) monopolistic competition

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Definitions:

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An individual's belief or judgment about something, not necessarily based on fact or knowledge.

Reciprocal Influences

A concept indicating that two or more factors affect each other mutually, shaping outcomes or behaviors in a bidirectional manner.