An Industry That Has a Limited Number of Competing Firms,such

question 38

Multiple Choice

An industry that has a limited number of competing firms,such as the U.S.mobile phone market in which four firms controlled 98 percent of the market in 2014,is known as

• A) perfect competition.
• B) a monopoly.
• C) an oligopolistic industry.
• D) deregulated.
• E) anticompetitive.

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Definitions:

Positive Linear Relationship

A relationship in which one variable increases as the other variable also increases, represented by a straight line with a positive slope.

Sodium

A chemical element, symbol Na, a highly reactive metal and an essential nutrient for human health.

Calories

A measure of energy in food, technically defined as the amount of heat needed to raise the temperature of one kilogram of water by one degree Celsius.

Scatter Diagram

A graphical representation of data points for two variables in a dataset, used to investigate the possible relationship between them.