An Oligopoly Is a Market Structure in Which a Few

question 170

True/False

An oligopoly is a market structure in which a few large firms dominate the sale of a single product.

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Definitions:

Competition

The rivalry among businesses to attract customers, increase sales, and develop innovative products and services.

Sherman Act

A landmark federal statute in antitrust law passed by Congress in 1890, which prohibits monopolistic practices and promotes competitive markets.

Restrain Trade

Practices that restrict or limit competition or trade in the marketplace, often deemed illegal or regulated by law.

Rule Of Reason

A legal doctrine used to evaluate whether a particular business practice is anticompetitive under antitrust laws, focusing on its purpose, nature, and effect.