Which Set of Characteristics Best Identifies an Oligopoly Market

question 7

Multiple Choice

Which set of characteristics best identifies an oligopoly market?

• A) many firms, homogeneous product, significant barriers to entry, significant nonprice competition, and considerable power over price
• B) few firms, differentiated product, no barriers to entry, the absence of nonprice competition, and considerable advertising
• C) one firm producing a product with no close substitutes, significant barriers to entry, and considerable power over price
• D) many firms, differentiated product, few barriers to entry, and nonprice competition
• E) few firms, differentiated product, significant barriers to entry, and significant amounts of nonprice competition

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Definitions:

Modeling

Demonstrating a behavior to imitate a behavior that was previously observed.

Partial Reinforcement

A conditioning strategy in which a reward is not administered every time the desired behavior is performed, leading to more resilient behavior than with continuous reinforcement.

Continuous

Continuous refers to something that unceasingly occurs over a period of time without interruption or breaks.

Partial-Reinforcement Extinction Effect

The greater persistence of behavior under partial reinforcement than under continuous reinforcement.