An industry characterized by many firms
An industry characterized by many firms, producing similar but differentiated products, in a market with easy entry and exit is called:
A. perfect competition.
C. monopolistic competition.
Question 6 of 10
An oligopoly knows that its _______ affect(s) its _______ and that the _______ of its rivals will affect it.
A. actions; rivals; reactions
B. price changes ; total revenue in a positive way; reactions
C. actions rarely; rivals; actions
D. price increases; total revenue in the long run only; large but not small price changes
Question 7 of 10
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