Oligopoly Is a Market Structure in Which

question 225

Multiple Choice

Oligopoly is a market structure in which

• A) many firms each produce a slightly differentiated product.
• B) one firm produces a unique product.
• C) a small number of firms compete.
• D) many firms produce an identical product.
• E) the number of firms is so small that they do not compete with each other.

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Definitions:

Negotiable Instruments

Financial documents that guarantee the payment of a specific amount of money, either on demand or at a set time, and are transferable by endorsement.

Significance

The importance or meaning attached to something, often relevant in the context of making legal, social, or scientific determinations or judgments.

Sale of Goods Act

Legislation governing the sale of goods, providing rules on contracts, property transfer, and warranties to protect buyers and sellers.

Fitness and Quality

Standards and criteria that products or services must meet to be considered satisfactory and suitable for their intended purpose.