Multiple Choice
Consider the following characteristics of a particular industry: - there is freedom of entry and exit
- in long-run equilibrium,each firm is producing a level of output where there are increasing returns to scale
This industry is likely to be
A) an oligopoly.
B) highly concentrated.
C) monopolistically competitive.
D) perfectly competitive.
E) a cartel.
Correct Answer:
Verified
Correct Answer:
Verified
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