The Form of Competition in Which There Are Many Sellers

question 19

Multiple Choice

The form of competition in which there are many sellers and they each have a similar product is referred to as

• A) pure competition.
• B) singular competition.
• C) an oligopoly.
• D) monopolistic competition.
• E) a monopoly.

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Definitions:

Emigrants

People who leave their country of origin to live permanently in another country.

Immigrant Workers

Immigrant workers are individuals who have moved from one country to another for the purpose of employment.

Substitute Resources

Productive inputs that can be used instead of other inputs in the production process; resources for which an increase in the price of one leads to an increase in the demand for the other.

Complementary Resources

Productive inputs that are used jointly with other inputs in the production process; resources for which a decrease in the price of one leads to an increase in the demand for the other.