What Is an Oligopoly

question 26

Multiple Choice

What is an oligopoly

• A)a market in which there are only a few sellers, each offering a product similar or identical to the others
• B)a market in which firms are price takers and do not advertise
• C)a market in which firms are price takers and advertise
• D)a market in which the actions of one seller in the market have no impact on the other sellers' profits

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Definitions:

Statute of Frauds

A legal requirement that certain types of contracts be executed in writing and signed by the party to be charged, in order to be enforceable.

UCC

Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, intended to standardize regulations across the states.

IRS Form

Official documents issued by the Internal Revenue Service for taxpayers to report financial information, file taxes, or claim deductions.

Delegation

A contracting party’s (a delegator’s) transfer of his or her duty to perform to a third party who is not part of the original contract (a delegatee).