A Market Comprised of Only Two Firms Is Called a

question 35

Multiple Choice

A market comprised of only two firms is called a

• A)competitive market.
• B)duopoly.
• C)monopoly.
• D)monopolistically competitive market.

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Definitions:

Ceramic Tile

A durable, hard flooring material made from clay that has been fired in a kiln, commonly used for floors, walls, and backsplashes.

Fixed Expense

An expense that does not change with the level of production or sales, such as rent, salaries, and insurance.

Administrative Expense

Costs related to the general administration of a business, including office supplies, salaries of administrative personnel, and utilities.

Freight-Out

The cost of shipping goods to customers, which is typically recorded as a selling expense.