What are the characteristics of an oligopoly?
What will be an ideal response?
An oligopoly market is characterized by a few dominant firms selling either a standardized or differentiated product. An oligopoly is also characterized by mutual interdependence and has strong barriers to entry keeping potential competitors out of the market.
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It is frequently observed that when a city is located next to a major highway, gas stations located close to the highway charge higher prices than gas stations located farther away. This is an example of:
A) first-degree price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) illegal price discrimination.
"Mandating longer sentences for any criminal's third arrest will lead to a reduction in crime. Less crime will reduce the number of police officers cities will hire." This quotation: a. contains positive statements only
b. contains normative statements only. c. contains both normative and positive statements. d. contains neither normative nor positive statements.
Profit-maximizing, competitive firms will not discriminate in the hiring of workers unless consumers exercise a preference for discrimination in product markets or governments mandate discrimination
a. True b. False Indicate whether the statement is true or false
What is the best example of the law of supply?
What will be an ideal response?