Which of the following is a characteristic of an oligopolistic market?
a. Firms sell homogeneous products
b. Firms enjoy unlimited market power.
c. There is only one product.
d. Decision making by firms is highly interdependent.
d
Economics
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When Fatz confectionery can lower the cost of manufacturing and packaging a pound of candy by doubling the quantity manufactured and packaged each day, it will achieve
A) economies of scope. B) economies of scale. C) economies of team production. D) all of the above
Economics
The situation in which a firm is able to charge the maximum price consumers are willing to pay for each unit of output the firm sells is referred to as:
A) first-degree price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) fourth-degree price discrimination.
Economics