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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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