One of the Key Characteristics of Oligopoly Is That

question 124

Multiple Choice

One of the key characteristics of oligopoly is that

• A)firms are independent of each other.
• B)firms face different cost conditions.
• C)each firm is aware that its actions will influence other firms and that the actions of the other firms affect it.
• D)it is easy to enter the industry.
• E)none of the above

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Definitions:

Buying Decision

The process by which a consumer or organization selects a product or service to purchase, influenced by factors such as need, desire, and affordability.

Buying Needs

Represents the recognized requirements or desires that prompt a consumer to consider purchasing products or services.

Trial Close

A sales technique where the salesperson asks the prospect a question or series of questions to gauge the prospect's readiness to buy and identify objections early.

SELL Sequence

A sales technique that involves showing the product, explaining its advantages, leading into benefits for the customer, and letting the customer talk to uncover their needs and interests.