A firm with substantial market power must be in a ____________ industry.
A) monopoly or oligopoly
B) perfectly competitive
C) monopolistically competitive
D) perfectly competitive or monopolistically competitive
E) perfectly competitive or a monopoly

Question

Quizplus · Accepted Answer

A firm with substantial market power is typically in a monopoly or oligopoly industry, as these market structures allow firms to influence prices and output levels due to limited competition.

A Firm with Substantial Market Power Must Be in a ____________