Which of the Following Is a Defining Characteristic of an Oligopoly

question 149

Multiple Choice

Which of the following is a defining characteristic of an oligopoly?

• A)Barriers to entry prevent new firms from entering the market.
• B)A few large firms have market power.
• C)Easy entry and exit into the market prevents firms from earning long run profits.
• D)All firms in the market sell a standardized product.

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Definitions:

Credit Totals

The aggregate amount of credit entries recorded in a financial system or ledger.

Trial Balance

A spreadsheet where the totals of all ledger balances are gathered into equal totals in debit and credit columns for accounts.

Debit Column

A column in financial accounting used to record entries that decrease liabilities and increase assets or expenses.

Credit Column

A section on the right side of an accounting ledger used to record increases in liability, equity accounts, and revenue, or decreases in assets and expense accounts.