Prices Are Likely to Be Least Flexible

question 261

Multiple Choice

Prices are likely to be least flexible

• A) in oligopoly.
• B) in monopolistic competition.
• C) where product demand is inelastic.
• D) in pure competition.

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Definitions:

Labor Force

The total number of people employed and unemployed, who are actively looking for work and capable of working.

Marginal Benefit Curve

A graphical representation showing how the benefit (utility or satisfaction) to a consumer changes as consumption of a good or service increases.

Extra Benefit

The additional advantage or utility gained from consuming one more unit of a good or service.

Specific Product

A distinct good or service that is identifiable and distinct from others due to unique characteristics or features.