Which of These Is a Characteristic of an Oligopoly Market

question 120

Multiple Choice

Which of these is a characteristic of an oligopoly market structure?

• A) many firms
• B) produce at the level of output where price equals marginal revenue
• C) mutual interdependence
• D) a unique product

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Definitions:

Informational Influence

Informational Influence occurs when individuals conform to the behaviors or attitudes of a group to obtain and accept accurate information or because they believe the group is competent.

Groupthink

A phenomenon that occurs within a group of people, where the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Deindividuation

A psychological state where an individual loses self-awareness and self-restraint, often in group settings, leading to uncharacteristic behavior.

Normative Influence

A type of social influence that leads individuals to conform in order to be accepted and liked by others.