Because an oligopoly is characterized by
A. few large sellers, each seller has some influence over the market price.
B. a single seller of a product that has few suitable substitutes, the seller is a price maker.
C. many small sellers, each firm must differentiate its product.
D. a few sellers selling a differentiated product, each seller makes its price and output decisions independently.
Answer: A
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Holding everything else constant, a country's exports will decrease if the:
A) country's currency appreciates. B) country's currency depreciates. C) country's currency is revalued. D) none of the above.
If this game is played once, then
a. Firm A will charge a lower price and firm B will charge a lower price b. Firm A will charge a higher price and firm B will charge a lower price c. Firm A will charge a lower price and firm B will charge a higher price d. Firm A will charge a higher price and firm B will charge a higher price