When only a small number of producers compete with each other is a defining characteristic of
A) inelastic supply.
B) monopolistic competition.
C) efficient competition.
D) oligopoly.
D
Economics
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An increase in demand:
a. results in a leftward shift of the demand curve. b. could be caused by a decrease in the price of the good. c. could be caused by an increase in the price of a substitute good. d. is shown as movement down along a demand curve.
Economics
Refer to the diagram, which shows demand and supply conditions in the competitive market for product X. If supply is S 1 and demand D 0 , then
A. at any price above 0G a shortage would occur.
B. 0F represents a price that would result in a surplus of AC.
C. a surplus of GH would occur.
D. 0F represents a price that would result in a shortage of AC.
Economics