What is the definition of an oligopoly?
a) one firm producing 95 percent of the output
b) two to four firms producing 70 percent to 80 percent of the output
c) eight to ten firms producing 60 percent to 70 percent of the output
d) eight to ten firms producing 90 percent of the output
Ans: b) two to four firms producing 70 percent to 80 percent of the output
Economics
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Appendix: A Dutch auction implies all of the following except
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