Ramsons Manufactures Binoculars

question 33

Multiple Choice

Ramsons manufactures binoculars.Although the binoculars are priced unreasonably high, Ramsons manages to sell a large number of units each year because Ramsons is the sole supplier of binoculars in the market.This is an example of:

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

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Definitions:

Talented Pool

A collective term referring to a group of individuals who possess high levels of skill, expertise, or ability in specific areas.

Efficiency Wages

Wages intentionally set above the equilibrium level by employers to increase productivity, discourage turnover, and attract better talent.

Increase Productivity

Enhancing the efficiency of production processes, resulting in more output from the same amount of inputs.

Increase Unemployment

A scenario where the number of unemployed individuals in the workforce rises, which can result from various factors including economic downturns, technological changes, or regulatory actions.