Asked by
Connor Elgersma
on Nov 05, 2024
Verified
________ characterizes the oligopoly market structure.
A) A single firm that controls the industry
B) A large number of firms producing a standardized product
C) A few firms each large enough to influence market price
D) A large number of firms producing differentiated products
Oligopoly Market Structure
A market form in which a market or industry is dominated by a small number of sellers (oligopolists).
Single Firm
A business entity that is the sole provider of a good or service in a particular market, potentially exhibiting monopoly power.
Large Number of Firms
A characteristic of competitive markets where many firms are present, each having a small share of the market and influencing the price minimally.
- Comprehend the fundamental attributes and instances of various market frameworks such as perfect competition, monopolistic competition, oligopoly, and monopoly.
- Recognize the unique traits of an oligopoly, such as the mutual dependence between companies and their capacity to affect market prices.
Verified Answer
AB
Learning Objectives
- Comprehend the fundamental attributes and instances of various market frameworks such as perfect competition, monopolistic competition, oligopoly, and monopoly.
- Recognize the unique traits of an oligopoly, such as the mutual dependence between companies and their capacity to affect market prices.