The Market Structure in Which the Largest Quantity of Output

question 14

Multiple Choice

The market structure in which the largest quantity of output is sold at the minimum possible price is:

• A)monopoly.
• B)perfect competition.
• C)oligopoly.
• D)monopolistic competition.
• E)duopoly.

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Definitions:

Capitalism

The dominant economic system in the world today. Capitalist economies are characterized by private ownership of property and competition in the pursuit of profit.

Industrialized Countries

Nations characterized by a developed industrial base, advanced technology, and a high standard of living.

Caste-Like Systems

Social stratification systems similar to the caste system, where the social hierarchy is rigid and individuals' positions are fixed at birth.

Agricultural Societies

Those in which plows and animal power are used to substantially increase food supply and dependability as compared with horticultural and pastoral societies. Agricultural societies first emerged about 5000 years ago. Average settlement size and permanence, the division of labor, productivity, and inequality are higher in agricultural societies than in horticultural and pastoral societies.