Which of the Following Is a Distinguishing Characteristic of Oligopoly

question 48

Multiple Choice

Which of the following is a distinguishing characteristic of oligopoly?

• A) Firms are free to enter and exit the industry.
• B) Natural or legal barriers prevent the entry of new firms.
• C) A large number of firms compete.
• D) No one firm's actions directly affect the actions of the other firms.

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Definitions:

Probability

The quantification of the chance that an event happens, indicated by a numerical range from 0 to 1.

Cumulative Net Profit

The total net profit earned over a specified period, after all expenses have been subtracted from revenues.

Probability

An evaluation of the possibility of an event occurring, expressed using a scale from 0 to 1.

Cumulative Profit

The total profit earned over a specific period, calculated by sequentially adding all profit amounts from the start to the end of the period.