The Key Feature of an Oligopoly Is That There

question 17

Multiple Choice

The key feature of an oligopoly is that there

• A) is one seller.
• B) are only a few sellers.
• C) are many buyers and sellers.
• D) is product differentiation.

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Definitions:

Derived Demand

The demand for a good or service that results from the demand for a different, or intermediate, good or service.

Resources

Assets, materials, and human capabilities used to produce goods and services in an economy.

Final Goods

Refers to products that have completed the manufacturing process and are purchased by consumers without further processing.

Margin

The difference between the cost of a product or service and its selling price.