For an Oligopoly,a Few Firms Cannot Dominate in the Long

question 95

Multiple Choice

For an oligopoly,a few firms cannot dominate in the long run unless

• A)A cartel is formed.
• B)A firm has a high concentration ratio.
• C)Barriers to entry exist.

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Definitions:

Monte Carlo Simulation

A computational algorithm that relies on repeated random sampling to obtain numerical results, often used to model probabilities of different outcomes in a complex system.

Random Numbers

A sequence of numbers or symbols that cannot be reasonably predicted better than by a random chance, often used in simulations and statistical sampling.

Standard Probability Distributions

Specific mathematical functions that provide the probabilities of occurrence of different possible outcomes for a particular phenomenon.