MCQ

QUESTION 27

Restaurants in Toronto are an example of which type of competitive situation?

1. pure competition
2. monopolistic competition
3. oligopoly
4. monopoly

1 points

QUESTION 28

Which of the following isnotcharacteristic of a purely competitive market?

1. advertising which promotes the unique product features of the various goods and services sold in this market
2. a very large number of sellers (maybe even an infinite amount)
3. a very large number of buyers
4. low,or no barriers to entry
5. a standardized,or homogeneous product