Review Quiz Statistics and Answer Key

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Average score: 100%

Click on the links below to see statistics for each question:

Type of market where there is only one producer who produces a product or gives a service, resulting to having no substi
The correct answer is "Monopoly"

There is only one consumer but there are multiple producers
The correct answer is "Monopsony"

There are only a few producers that sell similar products/services
The correct answer is "Oligopoly"

The products being sold by different producers are not exactly alike, differences may be in packaging, labeling, present
The correct answer is "Monopolistic competition"

No single producer/consumer can dictate the price by themselves.
The correct answer is "Perfect competition"