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:

Subjective

Pertains to or is influenced by personal feelings, tastes, or opinions.

Operations Management Decision

Strategic and tactical decisions involved in overseeing the production and distribution processes of goods and services, aiming to maximize efficiency and meet consumer demand.

Objective Quality Standards

Clearly defined, measurable criteria used to evaluate the quality of a product or service.

Labour Standards

The amount of time required to perform a job or part of a job.