Because There Are Only a Few Firms in Markets with Oligopolistic

question 13

Multiple Choice

Because there are only a few firms in markets with oligopolistic competition,

• A)everyone is a price taker.
• B)producers do not have to consider the reactions of rival firms.
• C)government often encourages consolidation to reduce the number of competitors.
• D)price wars may occur.
• E)the many competitors will focus on product differentiation.

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Definitions:

Trade Show

An event where businesses in a specific industry showcase and demonstrate their new products and services to potential customers.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, typically categorized into four Ps: Product, Price, Place, and Promotion.

Technology Use

The use of scientific understanding in practical applications, particularly within industry and daily activities.

Sales

The exchange of a commodity or service for money; the action of selling something.