There Are Many Different Models of Oligopoly Because

question 71

Multiple Choice

There are many different models of oligopoly because:

• A) beliefs are not incorporated in oligopolistic competition.
• B) firms do not maximize profits in oligopolistic competition.
• C) oligopoly is the most complicated type of market structure.
• D) beliefs are not incorporated in oligopolistic competition and oligopoly is the most complicated type of market structure.

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Definitions:

Goods and Services

The tangible products (goods) and intangible activities (services) that satisfy human wants or needs and are offered in the marketplace.

Man-Made Resources

Resources that have been created or modified by human action, as opposed to natural resources.

Capital

Financial assets or the financial value of assets, such as cash, properties, and machinery, used by a company to fund its operations and grow.

Saturated

A state or condition where a market has become so full or supplied to its maximum capacity that no further growth or expansion is possible.