A Single Firm Serves a Large Part of the Market

question 45

Multiple Choice

A single firm serves a large part of the market.The rest of the market is served by a large number of competitive firms.Which market model is best applicable to this type of industry?

• A)Monopoly
• B)Monopolistic competition
• C)Dominant firm model
• D)Cournot duopoly

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Definitions:

Sample Median

The middle value of a sample data set arranged in ascending or descending order, used as a measure of central tendency.

Bootstrapping

A statistical method that resamples a single dataset to create many simulated samples, used in assessing the precision of sample estimates.

Resamples

The practice of repeatedly drawing samples from a given dataset with the intention of estimating a population parameter.

With Replacement

Sampling with replacement is a method where each selected unit is returned to the population before the next unit is selected, allowing it to be possibly chosen more than once.