Oligopoly Occurs When

question 105

Multiple Choice

Oligopoly occurs when

• A)a few firms sell many different products.
• B)a few firms sell to a few large buyers.
• C)many firms dominate a single market.
• D)a few firms dominate a single market.

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Definitions:

Inherent Authority

The power or authority possessed by an official body or official inherently through their position or role, not through external sources or assignments.

Proxy

A person who is authorized to vote the shares of another person. Also, the written authorization empowering a person to vote the shares of another person.

Ultra Vires

A Latin term meaning “beyond the powers”; in legal context, actions taken by a corporation or company officials that are beyond their legally granted corporate powers.

Quorum

That number of persons, shares represented, or officers who may lawfully transact the business of a meeting called for that purpose.