Which of the Following Statements Describes an Oligopoly

question 98

Multiple Choice

Which of the following statements describes an oligopoly?

• A) In an oligopoly, three or four companies usually dominate the marketplace.
• B) In an oligopoly, there are many companies selling identical products.
• C) In an oligopoly, prices between companies are very different.
• D) In an oligopoly, there are usually one or two companies that dominate the market.

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Definitions:

Achieving Legitimacy

The process through which an entity gains acceptance and is recognized as right, proper, or appropriate within a social framework or context.

Imitate Management

The process or practice where employees mimic or adopt the behaviors and strategies of their managers or leaders to achieve success or improve performance.

Institutionalized

The process by which certain practices, norms, or ideas are established and ingrained into society or organization, often becoming a standard.

Joint Venture

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task.