Which market structure has mediumbarrierstoentry,fewsellersoftheproduct,andconsiderablepricingpower?

A.oligopoly

B.perfectcompetition

C.monopolisticcompetition

d. Monopoly

Inperfectcompetition,

1. a sellercannotinfluence the market price.
2. a sellerdoesnothavemarket power andcanset a price below the market price.
3. a seller cannot legally set their price above themarketprice.
4. a sellercaninfluence the market price.

Business competition can take any of these formsexcept

A. improvingquality.

B. reducing barriers to entry.

C. cuttingcosts.

D. erectingbarrierstoentry.

Schumpeter's theory of competitive innovations

A. suggeststhatcompetitiveforcesweedoutcompaniesthatdonotinnovate.

B. suggests that all industries eventually converge tomonopolisticcompetition.

C. suggests that perfect competition is an impossible ideal.

D. is callednaturalselection.

Business competition

A. is an active attempt to gain the market power ofperfectcompetition.

B. results in profits.

C. requires a licence.

D. includescuttingcosts.

Which statement about creative destruction istrue?

A. Creativedestructionisahazardforallbusinesses.

B. Creative destruction is responsible for the movement of jobs offshore.

C. Creative destructionreferstothechangesinlandusethatmakewayfornewdevelopments.

D. Competitive innovations make businesses more productive but can destroy living standards.