Which of the Following Is a Market Structure in Which

question 168

Multiple Choice

Which of the following is a market structure in which relatively few sellers compete and where high start-up costs form barriers to keep out new competitors?

• A)Pure competition
• B)Discriminatory competition
• C)Oligopoly
• D)Monopoly

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Definitions:

Costs Of Production

All expenses incurred in the creation of goods or services, including raw materials, labor, and overhead costs.

Increasing Cost Industry

An increasing cost industry is one in which production costs rise as the industry's output increases, often due to scarce resources or increasing input prices.

Profit Maximization

The process by which a firm determines the price and output level that returns the greatest profit.

Firm

An organization or business entity engaged in commercial, industrial, or professional activities.