Which of the Following Is the Best Example of an Oligopolistic

question 66

Multiple Choice

Which of the following is the best example of an oligopolistic industry?

• A)the wheat market
• B)the pharmaceutical industry
• C)public education
• D)the beauty products industry

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Definitions:

Outcome/Input Ratio

A concept used in equity theory referring to the ratio of contributions (inputs) an individual gives to a job and what they receive (outcomes) in return.

Overreward Inequity

A perception that one is receiving more rewards in comparison to their input or efforts, which can lead to feelings of guilt or discomfort.

Maslow's Needs Hierarchy

A theory proposed by Abraham Maslow that suggests human needs are arranged in a hierarchy from most to least pressing: physiological, safety, love/belonging, esteem, and self-actualization.

Equity Theory

A theory in social psychology and organizational behavior that explains how individuals perceive fairness in distribution of resources within interpersonal relationships, leading to satisfaction or dissatisfaction.