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:

Formal Operational

A stage in Piaget's theory of cognitive development where individuals can think abstractly and systematically solve problems.

Initiative Vs. Guilt

The third stage of Erik Erikson's theory of psychosocial development, where children face the challenge of taking initiative in activities versus feeling guilty for their actions and thoughts.

Industry Vs. Inferiority

A stage in Erik Erikson's theory of psychosocial development where children develop a sense of competence and belief in their skills or feel inferior and doubt their abilities.

Autonomy Vs. Shame

A stage in Erik Erikson's theory of psychosocial development where toddlers develop a sense of personal control over physical skills and a sense of independence, or otherwise experience shame and doubt about their abilities.