Which of the Following Is a Characteristic of Oligopoly

question 25

Multiple Choice

Which of the following is a characteristic of oligopoly?

• A) Mutual firm independence
• B) Zero economic profits in the short run
• C) Marginal cost pricing
• D) Only a few firms in the industry

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Definitions:

Negligence

The failure to exercise the care that a reasonably prudent person would exercise in like circumstances.

Misrepresentations

False or misleading statements that can lead someone to enter into an agreement or make a decision under false pretenses.

Vicarious Liability

A legal principle where one party is held responsible for the actions or omissions of another party.

Vicariously Liable

The legal responsibility of one party for the actions of another, based on a special relationship, such as an employer being liable for the actions of an employee.