Suppose You Can Fly from LA to New York and 15

question 34

Multiple Choice

Suppose you can fly from LA to New York and 15 separate airlines provide the service. This market would be described by

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

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Definitions:

Industry Size

The scale or magnitude of economic activity within a specific sector, measured by criteria such as number of firms, total employment, or total revenue.

Industry Supply Curve

A graphical representation showing the total quantity of a good that all producers in an industry are willing to supply at different prices.

Decline in Technology

A decline in technology refers to a period or situation where technological progression slows down, technologies become obsolete, or there is a decrease in the adoption of new technologies.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, resulting in a decreased cost per unit.