Which Market Structure Is Characterized by the Following Characteristics

question 169

Multiple Choice

Which market structure is characterized by the following characteristics?
I.A large number of firms compete.
Ii.Each firm produces a differentiated product.
Iii.Firms are free to enter and exit.

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

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Definitions:

Expression

In mathematics, an expression is a combination of symbols that represent a value or the relationship between values.

X

Often used to denote an independent variable or an unknown value in equations and functions.

Polynomial

An algebraic expression consisting of terms in the form of ax^n where a is the coefficient, x is the variable, and n is a non-negative integer.

Monomial

An algebraic expression consisting of a single term, which can be a constant, a variable, or multiples of variables and constants.