Match the explanations with the correct definitions. A market structure with a small number of firms, none of which can keep the others from having significant oligopoly influence. All resources, goods, and services are privately owned Market System Some markets are "free" and some are regulated Mixed Economic system This is a market structure characterized by a single Monopoly seller, selling a unique product in market. A central authority makes all decisions Command system Characterization of industries in which many firms offer products or services that are similar, but not perfect substitutes. Monopolistic is the loss or the benefit that could have been enjoyed Opportunity cost if the best alternative choice was chosen The resources people use to produce goods and Factors of Production services A theoretical market which all firms sell an identical Perfect Competition product, all firms are price takers, and market has no influence on prices.

Match the explanations with the correct definitions. A market structure with a small number of firms, none of which can keep the others from having significant oligopoly influence. All resources, goods, and services are privately owned Market System Some markets are "free" and some are regulated Mixed Economic system This is a market structure characterized by a single Monopoly seller, selling a unique product in market. A central authority makes all decisions Command system Characterization of industries in which many firms offer products or services that are similar, but not perfect substitutes. Monopolistic is the loss or the benefit that could have been enjoyed Opportunity cost if the best alternative choice was chosen The resources people use to produce goods and Factors of Production services A theoretical market which all firms sell an identical Perfect Competition product, all firms are price takers, and market has no influence on prices.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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