The key distinguishing characteristic of an oligopoly is the:
A) presence of long-run economic profits.
B) fact that in all cases firms produce a standardized product.
C) mutual interdependence of the firms in the market.
D) near total absence of advertising.
C
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Negative externalities lead to over supply in a market
Indicate whether the statement is true or false
Inflation helps lenders and hurts borrowers
Indicate whether the statement is true or false
If the wage is kept above the equilibrium level for any reason, the result is unemployment
a. True b. False Indicate whether the statement is true or false
As Bubba's Bubble Gum Company adds workers while using the same amount of machinery, some workers may be underutilized because they have little work to do while waiting in line to use the machinery. When this occurs, Bubba's Bubble Gum Company encounters
a. economies of scale. b. diseconomies of scale. c. increasing marginal product. d. diminishing marginal product.