Which of the Following Is an Example of an Oligopoly

question 12

Multiple Choice

Which of the following is an example of an oligopoly?

• A)Oil producers restrict global oil supply in order to prop up the price of oil.
• B)The automobile industry in the 1970s was dominated by four or five large firms.
• C)Taiwan spurs exports to developed countries by subsidizing certain popular industries.
• D)Mexico attempts to become self-sufficient by erecting trade barriers and developing domestic industry.

Recognize the impact of information availability on market operations and efficiency.

Analyze the financial implications of educational investments and choices.

Identify the relationship between scarce resources and the emergence of opportunity costs.

Understand the concept of mass customization and its benefits to production efficiency and customer satisfaction.

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Definitions:

Setting A Condition

Establishing a specific requirement or criteria that must be met in a given situation or agreement.

Prospects

Individuals or businesses that are potential customers and have been identified as likely to purchase.

Sales Objection

The prospect’s opposition or resistance to the salesperson’s information or request.

Opposition

Resistance or dissent expressed against an idea, action, or authority.