In Markets Characterized by Oligopoly

question 43

Multiple Choice

In markets characterized by oligopoly,

• A)a large number of relatively large firms sell a differentiated product.
• B)a small number of relatively small firms sell a standardized product.
• C)mutual interdependence of firms means that actions of any one firm in the market will have no effect on the sales of all other firms in the market.
• D)entry into the market is restricted so that profit may be positive in the long run.

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Definitions:

Conception

The moment when a sperm fertilizes an egg, leading to the beginning of pregnancy.

Testicular

Related to the testes, the male reproductive glands that produce sperm and testosterone.

Uterus

A female reproductive organ in mammals, including humans, where offspring are conceived and in which they gestate before birth.

Genetic Defect

A hereditary condition resulting from an abnormality in an individual's DNA.