An Oligopoly Is a Market That Is Characterized By

question 149

Multiple Choice

An oligopoly is a market that is characterized by:

• A)a large number of small firms all producing very similar products.
• B)a few large sellers who dominate the market supply.
• C)several small firms that compete primarily by differentiating their products.
• D)one firm that totally dominates the supply of the product.

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Definitions:

Uncertainty Avoidance

The degree to which a culture tolerates ambiguity and uncertainty.

Conflict

A situation where two or more parties have incompatible objectives, interests, or needs.

Uncertainty Avoidance

A cultural dimension that describes the extent to which individuals in a society are uncomfortable with ambiguity and uncertainty, often preferring clear rules and predictability.

Conflict

A situation where individuals or groups have opposing interests, ideas, or beliefs that clash.