An Oligopoly Is a Market That Is Characterized by

question 253

Multiple Choice

An oligopoly is a market that is characterized by

• A) one seller that totally dominates the supply of the product.
• B) a large number of small companies all producing very similar products.
• C) a few large sellers who dominate the market.
• D) several small firms that compete primarily by differentiating their products.

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Definitions:

Manufacture of Products

The process of producing goods on a large scale using machinery, labor, and raw materials.

Collection Agency

A company hired by lenders to recover funds that are past due or from accounts that are in default.

Court Summons

A legal document issued by a court or administrative body ordering an individual to appear before it at a specified date and time.

Official Court Form

A standardized document issued by the court system or jurisdiction to be used in legal proceedings.