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Questions and Answers
What is the term used to describe the responsiveness of demand to changes in price?
What is the term used to describe the responsiveness of demand to changes in price?
- Market demand
- Elasticity of demand (correct)
- Increase and decrease
- Extension and contraction
What type of market structure is characterized by a small number of large firms dominating the market?
What type of market structure is characterized by a small number of large firms dominating the market?
- Monopoly
- Imperfect market
- Perfect market
- Oligopoly (correct)
What type of market structure is characterized by a single seller dominating the market and having complete control over the price of the good or service?
What type of market structure is characterized by a single seller dominating the market and having complete control over the price of the good or service?
- Duopoly
- Monopoly (correct)
- Monopsony
- Perfect market
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