An Oligopoly

question 349

Multiple Choice

An oligopoly

• A)has a concentration ratio of less than 50 percent.
• B)is a price taker.
• C)is a type of imperfectly competitive market.
• D)has many firms rather than just one firm or a few firms.

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Definitions:

Affirmative Defense

A response to a plaintiff’s claim that does not deny the plaintiff’s facts but attacks the plaintiff’s legal right to bring an action. An example is the running of the statute of limitations.

Negligence

The failure to exercise the standard of care that a reasonable person would exercise in similar circumstances.

Electronic Discovery

The process by which electronic data is sought, located, secured, and searched with the intent of using it as evidence in a legal case.

Deposition

The testimony of a party to a lawsuit or of a witness taken under oath before a trial.