Asked by
Griffin Stephens
on Nov 26, 2024Verified
A major characteristic of oligopolistic firms is that
A) they are price takers.
B) interdependence exists between it and the other firms in the industry.
C) they alway produce a differentiated product.
D) they have a horizontal demand curve.
Oligopolistic Firms
Companies operating in an oligopoly market structure where a small number of firms have significant market power and can influence market prices and decisions.
Interdependence
A situation where entities are dependent on each other, often observed in global economies where countries rely on others for resources, technology, or markets.
Price Takers
Firms or individuals who accept the market price as given and have no influence to alter the price of the good or service they are selling or buying.
- Comprehend the primary attributes that characterize an oligopoly.
- Identify the importance of mutual interdependence in markets characterized by oligopoly.
Verified Answer
SA
Learning Objectives
- Comprehend the primary attributes that characterize an oligopoly.
- Identify the importance of mutual interdependence in markets characterized by oligopoly.