There Are Two Types of Markets in Which Firms Face

question 346

Multiple Choice

There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. Those two types of market are

• A)monopolistic competition and oligopoly.
• B)duopoly and triopoly.
• C)perfect competition and monopolistic competition.
• D)duopoly and imperfect competition.

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Definitions:

Economic Security

The condition of having stable income or resources to support a standard of living now and in the foreseeable future.

Multilateralism

A foreign policy approach involving multiple countries working together on a given issue, promoting collective action.

Unilateralism

A foreign policy approach where a country acts independently and without the agreement or cooperation of other countries.

Expansion Theory

The idea that territories and nations should expand their dominion for economic gain, security, or national prestige.