An Oligopoly Is a Market in Which

question 627

Multiple Choice

An oligopoly is a market in which

• A)there are only a few sellers, each offering a product similar or identical to the products offered by other firms in the market.
• B)firms are price takers.
• C)the actions of one seller in the market have no impact on the other sellers' profits.
• D)there are many price-taking firms, each offering a product similar or identical to the products offered by other firms in the market.

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Definitions:

Non-Value-Added Time

Time during which a product is not being directly added value to, such as wait or idle time, which does not contribute to the end value of the product.

Throughput Time

The total time taken from the start to the finish of a production process or operation, including both processing time and any periods of inactivity.

Quality

The standard of something as measured against other similar things; a degree or level of excellence.

Business Processes

A set of linked activities or tasks that, once completed, will accomplish an organizational goal.