Asked by KAREN NOELIA PINEDA on Jul 08, 2024
Verified
An oligopoly is characterized as an industry in which:
A) there are few firms,each producing a differentiated or similar product.
B) there are many firms,each producing a similar product.
C) all market participants are price takers.
D) only one firm produces a very differentiated product.
Oligopoly
A market structure characterized by a small number of firms dominating the market, leading to limited competition and often higher prices for consumers.
Differentiated Product
A product that is distinct from similar products offered by competitors because of features, branding, quality, or other attributes.
- Differentiate among various market formations such as perfect competition, monopolistic competition, oligopoly, and monopoly.
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Learning Objectives
- Differentiate among various market formations such as perfect competition, monopolistic competition, oligopoly, and monopoly.
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