The Number of Firms in an Oligopoly Must Be

question 63

Multiple Choice

The number of firms in an oligopoly must be

• A)Four.
• B)Large enough so that firms cannot coordinate.
• C)Small enough so that one firm's decisions have a significant impact on the decisions of the other firms in the industry.

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Definitions:

Centration

A term from cognitive development theory describing a focus on one aspect of a situation while ignoring others, common in early childhood.

Vocabulary Explosion

Vocabulary explosion refers to the rapid increase in the number of words a child learns and uses, typically occurring between the ages of two and three.

Lateralization

The tendency for some neural functions or cognitive processes to be specialized to one side of the brain or the other.

Perseveration

The repetition of a particular response (such as a word, phrase, or gesture) despite the absence or cessation of a stimulus.