One Key Difference Between an Oligopoly Market and a Competitive

question 592

Multiple Choice

One key difference between an oligopoly market and a competitive market is that oligopolistic firms

• A)are price takers while competitive firms are not.
• B)can affect the profit of other firms in the market by the choices they make while firms in competitive markets do not affect each other by the choices they make.
• C)sell completely unrelated products while competitive firms do not.
• D)sell their product at a price equal to marginal cost while competitive firms do not.

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Definitions:

Imitation

The action of using someone or something as a model and copying their behavior, actions, or characteristics.

Maturation

The process of becoming mature or fully developed physically, emotionally, or mentally.

Intersexuals

People whose medical classification at birth isn’t clearly male or female.

Transvestites

People who cross-dress at times but don’t necessarily consider themselves a member of the opposite sex.