One Key Characteristic That Is Distinctive of an Oligopoly Market

question 77

Multiple Choice

One key characteristic that is distinctive of an oligopoly market is that:

• A) the demand curve facing each firm is downward sloping, with a marginal revenue curve that lies below the firm's demand curve.
• B) the decisions of one seller often influences the price of products, the output, and the profits of rival firms.
• C) there is only one firm that produces a product for which there are no good substitutes.
• D) there are many sellers in the market and each is small relative to the total market.

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Definitions:

Grant's Abilities

Refers to the military and leadership qualities of Ulysses S. Grant, 18th President of the United States and commanding general during the American Civil War.

Strategic Aims

Long-term goals that an organization or individual plans to achieve, which guide decision-making and direction.

Western Hemisphere

The half of the Earth that lies west of the Prime Meridian (which crosses Greenwich, London) and east of the antimeridian, including the Americas, the western portions of Europe and Africa, and the eastern portion of the Pacific Ocean.