32. In very small towns where there is only one grocery store, the market formis

Question

32. In very small towns where there is only one grocery store, the market formis A) monopoly B) oligopoly. C) monopolistic competition. D) perfect competition. 33. If you got a new job and moved to Dale, Indiana (population 1,500) you would expect to find two grocery stores, the market form is A) monopoly B) oligopoly C) monopolistic competition. D) perfect competition. 34. If you got a new job and moved to Terre Haute, Indiana (population 60,000) you would expect to find ten grocery stores (two Walmart Supercenters, three Krogers, a Meijer, two IGA affiliates, and two independent grocery stores), the market form is A) monopoly. B) oligopoly. C) monopolistic competition. D) perfect competition

Explanation / Answer

Answer.)

Q32.) A.) Monopoly

Market with single firm that control entire supply is a monopoly.

Q33.) B.) Oligopoly

To be specific, its a case of duopoly, but remember that a duopoly is a special case of oligopoly where there are two firms in the market.

Q34.) B.) Oligopoly

An oligopoly is an economic market whereby a small number of companies or countries generate and control the entire supply of a good or service.

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