In Which Market Structure Do Firms Exist in Very Large

question 152

Multiple Choice

In which market structure do firms exist in very large numbers,each firm produces an identical product,and there is freedom of entry and exit?

• A) monopoly
• B) oligopoly
• C) only perfect competition
• D) only monopolistic competition
• E) both perfect competition and monopolistic competition

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Definitions:

Great Railroad Strike

A major labor strike in 1877 that began in the United States and quickly spread to multiple parts of the country, affecting many railroads and the broader economy.

Haymarket Riot

An 1886 labor protest in Chicago that turned violent, marking an important event in the history of labor movements in the United States.

Judicial System

The system of courts that interprets and applies the law in the name of the state or country, providing a mechanism for the resolution of disputes.

Gilded Age

A period in the late 19th century characterized by rapid economic growth, especially in the Northern and Western United States, coupled with vast wealth, much of which was concentrated in the hands of a few.