An Industry Has Many Firms That Compete in It

question 18

Multiple Choice

An industry has many firms that compete in it.While products between competitors tend to be similar,they are by no means identical.As a consequence,managers selling a product with unique features tend to have some ability to raise prices.This type of industry is an example of

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

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Definitions:

Inform

The act of providing or sharing knowledge, data, or details to educate or update someone on a particular subject.

Pioneering Product

The first of its kind product introduced into the market, which opens up a new category for consumers and typically enjoys a temporary monopoly.

Informational

Pertaining to or providing useful or important information or data.

Unlimited Talk

A telecommunications plan feature that allows users to make as many calls as they like for a fixed rate.