Which of the Following Markets Is Characterized by the Following

question 146

Multiple Choice

Which of the following markets is characterized by the following: a single firm in the industry, a unique product, and difficult entry into the industry?

• A)perfectly competitive market
• B)monopolistic competition
• C)monopoly
• D)oligopoly

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Definitions:

Randomly Varying

Characterized by changes or differences that occur in a random manner, not following any specific pattern or prediction.

Shaping

A training technique that involves gradually reinforcing behaviors that come closer and closer to a targeted action.

Partial Responses

In medical and psychological treatments, reactions that show some improvement due to therapy but do not fulfill all criteria for complete remission.

Reinforcement

In operant conditioning, a process that increases the likelihood of a behavior by applying a positive stimulus or removing a negative one.