A Similarity Between Monopoly and Monopolistic Competition Is That in Both

question 67

Multiple Choice

A similarity between monopoly and monopolistic competition is that in both market structures

• A)strategic interactions among sellers are important.
• B)there are a small number of sellers.
• C)sellers are price makers rather than price takers.
• D)there are only a few buyers but many sellers.

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Definitions:

Tachometer

An instrument used to measure the rotation speed of a shaft or disk, as in a motor or other machine.

Solenoid

A type of electromagnet where the core is moved by the magnetic field when electrical current flows through the coil surrounding it, often used to control valves or actuators.

Actuator

An output device normally connected to an output module. Examples are an air valve and cylinder.

Electrical Signal

A form of signal that uses electrical currents or voltages to relay information across circuits or systems.