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Local gas stations in cities are an example of: A. monopoly firms B. monopolistic components C. oligopoly firms D. perfectly competitive E. monopolistic competition

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Local gas stations in cities are an example of:

A. monopoly firms

B. monopolistic components

C. oligopoly firms

D. perfectly competitive

E. monopolistic competition

Definition Definition Form of market structure in which there are a large number of sellers of a particular product, with each seller selling somewhat differentiated but close substitutes to the product sold by other sellers. Features of monopolistic competition include: Large number of buyers and sellers Differentiated products Free entry and exit of the firms in the market

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