In What Way Can an Oligopolistic Market Structure Be Beneficial

question 117

Multiple Choice

In what way can an oligopolistic market structure be beneficial to society?

• A)Oligopolistic firms compete through advertising,which increases economic efficiency.
• B)Oligopolistic firms are able to exploit all existing economies of scale and operate at the minimum of long-run average costs,and thereby reduce the use of society's resources.
• C)An oligopolistic market structure is most conducive to non-competitive behaviour which leads to lower prices for consumers in the long run.
• D)An oligopolistic market structure is most adaptive to today's rapid rate of technological change.
• E)Oligopolistic firms compete through innovation,which is a driving force of economic growth and increasing living standards.

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Definitions:

Independence

The state of being free from external control or influence, self-governance, or autonomy.

International Agreements

Treaties or accords reached between countries, typically involving cooperation on mutual interests or common goals.

Colonialism

The practice of acquiring full or partial control over another country, occupying it with settlers, and exploiting it economically, often associated with imperialism.

Poverty

A condition where individuals lack sufficient income or resources to achieve a minimum standard of living.