When Two or More Enterprises Encounter Each Other in Different

question 8

Multiple Choice

When two or more enterprises encounter each other in different regional markets,national markets,or industries,_____________ arises.

• A) a monopoly
• B) an oligopoly
• C) a cartel
• D) multipoint competition
• E) international competition

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Definitions:

Long-Run Total Cost

The sum of all costs incurred by a firm in the production of goods or services when all inputs are considered variable in the long term.

Profit Maximization

The process of determining the best output and pricing levels to achieve the most profit.

Production Function

An equation in mathematics that outlines how inputs correlate with the greatest output achievable from those inputs.

Supply Function

A mathematical relationship that describes the quantity of a good or service that producers are willing to sell at each possible price.