Figure 15-18 -An Oligopolistic Industry Is Characterized by All of the Following

question 216

Multiple Choice

Figure 15-18
-An oligopolistic industry is characterized by all of the following except

• A) existence of entry barriers.
• B) the possibility of reaping long-run economic profits.
• C) firms pursuing aggressive business strategies, independent of rivals' strategies.
• D) production of standardized products.

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Definitions:

Upper Limit

The maximum value in a range or set, beyond which no observations in the data set fall or are allowed.

Relative Frequency Distribution

A tabular summary of data showing the fraction or proportion of observations in each of several nonoverlapping categories or classes.

Fraction

A mathematical expression representing the division of one number by another, denoting part of a whole.

Total Number

The entirety or sum of amounts, quantities, or counts of items in a set.