Which of the Following Is Not a Characteristic of an Oligopoly

question 94

Multiple Choice

Which of the following is not a characteristic of an oligopoly?

• A) There are few sellers.
• B) The seller has considerable control over price.
• C) Any duplication of facilities is wasteful.
• D) Sizable investments are required to enter the market.
• E) The market actions of each seller can strongly affect other sellers.

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Definitions:

Confederates

Individuals who are aware of the experiment's purpose and work with the researcher to simulate a social situation in order to manipulate the experimental setting, but are presented to participants as fellow participants.

Forced Compliance

is a psychological phenomenon where an individual is compelled to act in contradiction to their beliefs or attitudes, often leading to a change in those beliefs or attitudes due to cognitive dissonance.

Cognitive Dissonance

A psychological conflict resulting from incongruous beliefs and attitudes held simultaneously.

Central Route

A concept from the Elaboration Likelihood Model of persuasion, referring to the path of cognitive processing that involves detailed scrutiny of persuasive information.