Author Question: A market situation where a small number of sellers compose the entire industry is called: a. ... (Read 88 times)

bucstennis@aim.com · **on:** Jun 30, 2018

A market situation where a small number of sellers compose the entire industry is called:
a. monopolistic competition.
b. monopoly.
c. oligopoly.
d. perfect competition.

Question 2

An automobile manufacturer imported equipment in order to produce a particular model at low cost. Falling demand, however, forced it to cease producing that model, and the company took a large loss because the equipment was not usable for producing other models. The equipment was characterized by:
a. locational specificity.
b. dedicated specificity.
c. human specificity.
d. task specificity.