Which of the Following Markets Is Characterized by the Following

question 146

Multiple Choice

Which of the following markets is characterized by the following: a single firm in the industry, a unique product, and difficult entry into the industry?

• A)perfectly competitive market
• B)monopolistic competition
• C)monopoly
• D)oligopoly

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Definitions:

UCC

A complete collection of legal regulations that administer all business dealings across the United States, known as the Uniform Commercial Code.

Preexisting Duty

A promise to do something that one is already obligated to do. It is not considered valid consideration.

Unforeseen Circumstances

Events or situations that could not have been predicted and often cause a change in plans or necessitate a response.

Illusory Promise

An illusory promise is a statement that resembles a promise but does not actually commit the speaker to any action or obligation, making it unenforceable as a contract.