An Oligopolist Differs from a Perfect Competitor in That

question 62

Multiple Choice

An oligopolist differs from a perfect competitor in that

• A)there is cutthroat competition in perfect competition but little competition in oligopoly because firms have significant market power.
• B)firms in an oligopoly do not produce homogeneous products while firms in perfect competition do.
• C)the market demand curve for a perfectly competitive industry is perfectly elastic but it is downward-sloping in an oligopolistic industry.
• D)there are no entry barriers in perfect competition but there are entry barriers in oligopoly.

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Definitions:

Adaptive Mechanisms

Psychological strategies used by individuals to adjust to their environment and mitigate stress.

Family Structures

The various forms and configurations of family units in society, including nuclear families, extended families, and other arrangements.

Infant Mortality Rates

The statistical measure of the number of deaths of infants under one year of age per 1,000 live births.

Unemployment

The state of being without a job despite being willing and able to work.