Oligopoly Is a Market Structure That Necessarily Has

question 30

Multiple Choice

Oligopoly is a market structure that necessarily has:

• A) cartels.
• B) a large number of firms with homogeneous products.
• C) a large number of firms with slightly different products.
• D) a small number of firms but more than one.
• E) only one firm.

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Definitions:

Consumer Goods

Products and services that are purchased or consumed by individuals or households for personal use.

Implied Warranty Of Fitness

An assurance, not explicitly stated, that the goods sold will be suitable for the purpose for which the buyer intends to use them.

Express Warranty

An explicit guarantee made by a seller about the condition, quality, or performance of a product, forming part of the contract of sale.

Business Contracts

Legally binding agreements between two or more parties that outline the terms of business transactions.