What Effect Does the Number of Firms in an Oligopoly

question 27

Essay

What effect does the number of firms in an oligopoly have on the characteristics of the market?

---

Definitions:

Test Statistic

A measurement derived from sampled data in a hypothesis test, employed to decide if the null hypothesis should be dismissed.

P-Value

The probability of observing a test statistic as extreme as, or more than, what was actually observed, assuming that the null hypothesis is true.

Null Hypothesis

A hypothesis that proposes no statistical significance between the two studied groups, assuming that any observed difference is due to sampling or experimental error.

Alternative Hypotheses

A statement that suggests a potential outcome or association that contradicts the null hypothesis in statistical testing.