Asked by Elvy A. Zingg on Jun 19, 2024
Verified
In a(n) ________ industry, firms are small relative to the total market.
A) monopolistic
B) monopolistically competitive
C) oligopolistic
D) Both B and C are correct.
Total Market
The entirety of the demand and supply for a particular good or service across all its potential markets.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and product differentiation.
Oligopolistic
Pertaining to a market structure characterized by a small number of firms controlling the majority of the market share, often leading to coordinated or interdependent market behavior.
- Examine the influence of an organization's dimensions in relation to the marketplace in the context of monopolistic competition and contrast it with other types of market structures.
Verified Answer
Learning Objectives
- Examine the influence of an organization's dimensions in relation to the marketplace in the context of monopolistic competition and contrast it with other types of market structures.
Related questions
The Feature That Distinguishes Monopolistic Competition from Perfect Competition Is ...
In a Monopolistically Competitive Industry ...
Firms in a Monopolistically Competitive Industry Are Small Relative to ...
Industries That Are Made Up of Many Competing Producers,each Selling ...
In the Long Run,perfect Competitors and Monopolistic Competitors Are Similar ...