A Market Made Up of Many Firms,each of Which Has

question 89

Multiple Choice

A market made up of many firms,each of which has some distinct brand image,is called:

• A) A price-setting market.
• B) A monopolistically competitive market.
• C) A perfectly competitive market.
• D) An oligopoly.

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Definitions:

Efficient Allocation

The process by which resources are optimally distributed to meet the needs and maximize the welfare of the economy or market.

Soviet Model

An economic and political system found in the former Soviet Union, characterized by state ownership of resources, central planning, and one-party rule.

Karl Marx

A 19th-century philosopher, economist, and socialist who analyzed the effects of capitalism and proposed a revolutionary class struggle leading to a society with no class distinctions.

Public Ownership

Ownership of assets by the government or a government entity, rather than by private individuals or organizations.