Oligopoly Is a Market Structure Characterized By

question 181

Multiple Choice

Oligopoly is a market structure characterized by:

• A)independence in decision making.
• B)uncertainty about the behavior of rival firms.
• C)substantial diseconomies of scale.
• D)a large number of small firms.

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Definitions:

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution, aiming to provide an accurate description of the entire data set.

Median

A statistical measure that represents the middle value in a given series of numbers, dividing the dataset into two equal halves.

Mode

The value that appears most frequently in a data set, representing the most common outcome.

Variation

The occurrence of differing or changing characteristics within a species, population, or process, often leading to evolutionary adaptations or improvements in a species’ ability to survive.