Which of the Following Industries Would Be Considered an Oligopoly

question 86

Multiple Choice

Which of the following industries would be considered an oligopoly?

• A) The hairdressing industry that has a large number of small firms.
• B) The wheat industry that has a homogeneous product and a large number of suppliers.
• C) The hotel industry that has a differentiated product and a large number of firms.
• D) The supermarket industry that has a small number of large firms.

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Definitions:

Accountability

The requirement to show performance results to a supervisor.

Differentiation

The process of making a product or service stand out as unique or different from others in the market, often by focusing on unique qualities or features.

Structural Elaboration

The process of adding complexity and detail to an organization's structure to support its goals and activities.

Departmentalisation

Departmentalisation refers to the process of dividing an organization into distinct departments, allowing specialization according to function, product, market, or geographical location.