The Key Feature of an Oligopoly Is That There

question 143

Multiple Choice

The key feature of an oligopoly is that there

• A) are many buyers and sellers.
• B) is one seller.
• C) exists product differentiation.
• D) are only a few sellers.

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Definitions:

Resource Demand

The demand for resources (labor, capital, land) that are used to produce goods and services.

Pure Competition

A market structure in which a very large number of firms sells a standardized product, into which entry is very easy, in which the individual seller has no control over the product price, and in which there is no nonprice competition; a market characterized by a very large number of buyers and sellers.

Equivalents

Items or entities that are fundamentally equal in value or function in the context of a specific comparison.

Profit-maximizing

The process or methodology by which a business seeks to find the best output and sales levels to achieve the highest profits possible.