In an Oligopoly

question 20

Multiple Choice

In an oligopoly

• A) there are only a few firms.
• B) there is no product differentiation.
• C) there is free entry and exit.
• D) firms' decisions are unrelated to each other.

---

Definitions:

Marginal Benefit

The additional satisfaction or utility gained by consuming an extra unit of a good or service.

Diamond

A naturally occurring gemstone composed of carbon, known for its hardness and brilliance, often used in jewelry.

Marginal Analysis

The examination of the costs and benefits of a small (marginal) change in the production of goods or services.

Wheat Farmer

An individual or entity engaged in the cultivation of wheat crops for consumption or sale.