Under What Market Structure Do We Have Only One Firm

question 22

Multiple Choice

Under what market structure do we have only one firm?

• A)Perfect Competition
• B)Monopoly
• C)Monopolistic Competition
• D)Oligopoly

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Definitions:

Tax

Mandatory financial charge imposed by a government on individuals, companies, or transactions to fund public expenditures.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, indicating economic benefit.

Tax

Compulsory financial charges or other types of levies imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Producer Surplus

The difference between what producers are willing to accept for a good or service and the higher price they actually receive, representing the benefit to producers.