{"id":46794,"date":"2024-04-15T22:17:29","date_gmt":"2024-04-15T22:17:29","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=46794"},"modified":"2024-04-15T22:17:29","modified_gmt":"2024-04-15T22:17:29","slug":"if-a-firm-sells-its-output-in-a-market-characterized-by-a-few-sellers-and-many-buyers-and-limited-long-run-resource-mobility-then-the-firm-is","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/if-a-firm-sells-its-output-in-a-market-characterized-by-a-few-sellers-and-many-buyers-and-limited-long-run-resource-mobility-then-the-firm-is\/","title":{"rendered":"If a firm sells its output in a market characterized by a few sellers and many buyers, and limited long-run resource mobility, then the firm is"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a97607412586\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Monopolist                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"true\">\r\n                    Oligopolist                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Perfect competitor                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Monopolistic competitor                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>B. Oligopolist<\/strong><\/p>\n<p>An oligopoly is a market structure in which a small number of large firms have a significant amount of market power. This means that they can influence the prices of their products and services. <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> Oligopolies are often characterized by collusion, which is when firms agree to fix prices or otherwise restrict competition.<\/p>\n<p>A monopolist is a firm that is the only seller of a good or service in a particular market. This gives the monopolist a great deal of market power, and they can charge high prices without fear of losing customers to competitors.<\/p>\n<p>A perfect competitor is a firm that is one <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> of many small sellers in a market. In a perfectly competitive market, there are no barriers to entry or exit, and all firms sell identical products. This means that perfect competitors have no market power, and they must charge the same price as all other firms in the market.<\/p>\n<p>A monopolistic competitor is a firm that is one of many sellers in a market, but whose products are differentiated from those of its competitors. This means that monopolistic competitors have some market power, but not as much as a monopolist.<\/p>\n<p>In the question, the firm is selling its output in a market characterized by a few sellers and many buyers, and limited long-run resource mobility. This suggests that the firm is an oligopolist. Oligopolies are often characterized by limited long-run resource mobility, as firms may find it difficult to enter or exit the market. This is because oligopolies often require large amounts of capital to operate, and there may be barriers to entry such as government regulation or patents.<\/p>\n<p>I hope this helps! Let me know if you have any other questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>If a firm sells its output in a market characterized by a few sellers and many buyers, and limited long-run resource mobility, then the firm is<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/if-a-firm-sells-its-output-in-a-market-characterized-by-a-few-sellers-and-many-buyers-and-limited-long-run-resource-mobility-then-the-firm-is\/\" \/>\n<meta property=\"og:locale\" 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