There Is Easy Entry into the ________ and ________ Industries

question 78

Multiple Choice

There is easy entry into the ________ and ________ industries.

• A) perfectly competitive; monopolistically competitive
• B) monopolistically competitive; oligopolistic
• C) oligopolistic; monopolistic
• D) monopolistic; perfectly competitive

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Definitions:

Positive Amount

A numerical value greater than zero, indicating a quantity that is present or an action that increases size or quantity.

Price

The cash expenditure required, anticipated, or transmitted in exchange for a good.

Production Function

A mathematical model that represents how a firm combines inputs to produce outputs, highlighting the efficiencies and technologies in use.

Factor Prices

The prices of inputs used in the production of goods or services, such as labor, capital, and raw materials.