While There Is No Specific Number of Firms That Must

question 31

Multiple Choice

While there is no specific number of firms that must dominate an industry before it is an oligopoly, the number of sellers characterizes an oligopoly when

• A) there are more firms than a monopolistically competitive market.
• B) there is a sufficient number of firms to satisfy the market demand.
• C) the firms are so large relative to the total market that they can affect the market price.
• D) the firms are so small relative to the total market that they cannot affect the market price.

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Definitions:

Population Average

The mean or average of a set of data collected from the entire population under study.

Salary Information

Data or details regarding the amounts of money individuals are paid for their work or services.

Test Statistic

A statistic calculated from sample data used to decide whether to reject the null hypothesis in a hypothesis test.

Population Average

Refers to the mean value of a characteristic within a given population.