Which of the Following Is a Difference Between an Oligopoly

question 24

Multiple Choice

Which of the following is a difference between an oligopoly with differentiated products and a monopolistically competitive market?

• A) There are no barriers to entry in an oligopoly with differentiated products, while there are huge barriers to entry in a monopolistically competitive market.
• B) There are huge barriers to entry in an oligopoly with differentiated products, while there are minimal barriers to entry in a monopolistically competitive market.
• C) Firms in an oligopoly with differentiated products charge a price higher than marginal cost in the long run, while firms in a monopolistically competitive market charge a price lower than marginal cost in the long run.
• D) Firms in an oligopoly with differentiated products charge a price lower than average total cost in the long run, while firms in a monopolistically competitive market charge a price higher than average total cost in the long run.

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Definitions:

Dispositional Attribution

The process of attributing someone's behavior to their personality traits, character, or disposition.

Situational Attribution

The process of attributing behavior to external circumstances or situations rather than to internal personality traits or dispositions.

Empathy Gap

The inability to accurately predict one's own or others' emotional states and behaviors in different situations, usually underestimating the influence of emotions.

Tend and Befriend

A theory that suggests in times of stress, individuals, particularly females, will seek social alliances and support, rather than isolating themselves or fighting.