A defining characteristic of an oligopoly is:
A. barriers to entry prevent newcomers to such an industry.
B. easy entry and exit prevent long-run profits from being possible.
C. firms in the industry know they are competing with a few large firms with market power.
D. all firms sell a standardized product.
Answer: C
Economics
You might also like to view...
A pecuniary externality _____
a. affects the prices facing the third parties on which the externality falls b. affects the products bought by third parties c. affects the production functions of third parties d. affects the production functions of producers of the externalities
Economics
If Happy Avocados, a ready-made guacamole manufacturer, purchases an avocado farm, this is an example of ________.
A) outsourcing B) backward integration C) divestiture D) forward integration
Economics