A Market Situation Where a Small Number of Sellers Compose

question 49

Multiple Choice

A market situation where a small number of sellers compose the entire industry is called:

• A)monopolistic competition.
• B)monopoly.
• C)oligopoly.
• D)perfect competition.
• E)none of the above.

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Definitions:

Commission

A fee paid to an agent or employee for transacting a piece of business or performing a service.

Sales

The exchange of a commodity for money; the action of selling something.

Classified Ads

Short advertisements placed in a newspaper, magazine, or online, usually categorized by topic, such as jobs, real estate, and services.

Flat Fee

A pricing structure where a single fixed rate is charged for a service, regardless of usage or time required.