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      Question

      If a firm sells its output on a market that is

      characterized by few sellers and many buyers and limited long-run resource mobility, then the firm is
      A a monopolist. Correct Answer Incorrect Answer
      B a monopolist. Correct Answer Incorrect Answer
      C a perfect competitor. Correct Answer Incorrect Answer
      D a monopolistic competitor. Correct Answer Incorrect Answer
      E none of these Correct Answer Incorrect Answer

      Solution

      If a firm sells its output on a market that is characterized by few sellers and many buyers and limited long-run resource mobility, then the firm is an oligopolist

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