Which of the Following Is a Reason for the Occurrence

question 20

Multiple Choice

Which of the following is a reason for the occurrence of an oligopoly?

• A) advertising campaigns
• B) economics of scale in production
• C) government barriers to entry
• D) all of the above

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Definitions:

Substitution Effect

The economic principle that as prices rise, consumers will replace costlier items with less expensive alternatives, holding the utility they receive constant.

Manufacturing Wage Rates

The amount of remuneration or earnings per unit of time by workers in the manufacturing sector.

College Graduate

An individual who has successfully completed a degree program at a college or university.

High School Graduate

An individual who has successfully completed the course of study at a high school, receiving a diploma or certification.