Oligopoly Is a Market Structure Characterized By

question 186

Multiple Choice

Oligopoly is a market structure characterized by:

• A) independence in decisionmaking.
• B) barriers to entry and exit.
• C) a horizontal demand curve.
• D) a large number of small firms.

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Definitions:

Petroleum

A naturally occurring liquid found beneath the Earth's surface that can be refined into fuel and various chemical products.

Commercial Energy

Energy that is produced and sold commercially, often in the form of electricity, natural gas, oil, and coal.

United States

A country in North America composed of 50 states, a federal district, five major self-governing territories, and various possessions.

Biomass Energy

Biomass energy involves producing energy by burning organic materials, such as wood, agricultural crops, and waste materials, in a process that can be more sustainable than fossil fuels.