If consumer sovereignty is considered greatest in a system of pure competition, why is sovereignty still limited?
X Limited price variations restrict actual choice. (wrong)
In pure competition, producers compete exclusively on the basis of
price.
When an oligopoly exists, how many producers dominate the market?
a few
In the United States, which type of industry is often considered part of an oligopoly?
cell phone carriers
Which helps enable an oligopoly to form within a market?
Firms cooperate to reduce competition.
Why is competition limited in an oligopoly?
Barriers prevent new producers from entering the market.
… is the type of competition that occurs in a competitive market without identical producers.
Monopolistic
Which best describes how the government sanctions technological monopolies?
by issuing a patent for the technology
… is the term used to describe the amount of control or influence that consumers have on a market.
Sovereignty
Wellness Pharmaceuticals has released a new antidepressant, Lexabuzac. Which type of monopoly does the company most likely have on this medication?
technological monopoly
x

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