An Industry Characterized by Only a Few Firms in the Market

question 50

Multiple Choice

An industry characterized by only a few firms in the market is called:

• A) a monopoly.
• B) monopolistic competition.
• C) an oligopoly.
• D) perfect competition.

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Definitions:

Derived Demand

The demand for a product or resource resulting from the demand for another product or service.

Outputs

Refers to the goods or services produced by a business or an economic system.

Factor of Production

An input used in the production of goods and services, including land, labor, capital, and entrepreneurship.

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community.