One Key Difference Between an Oligopoly Market and a Competitive

question 592

Multiple Choice

One key difference between an oligopoly market and a competitive market is that oligopolistic firms

• A)are price takers while competitive firms are not.
• B)can affect the profit of other firms in the market by the choices they make while firms in competitive markets do not affect each other by the choices they make.
• C)sell completely unrelated products while competitive firms do not.
• D)sell their product at a price equal to marginal cost while competitive firms do not.

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Definitions:

Calorimeter

An instrument used to measure the amount of heat involved in chemical reactions or physical changes.

Calorimeter

An instrument used for measuring the amount of heat involved in a chemical reaction or other processes.

Crude Oil

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, a primary source of energy.

Boiling Point

The temperature at which a liquid's vapor pressure equals the external pressure surrounding the liquid, causing it to change into a vapor.