Which of the Following Is True of an Oligopoly

question 134

Multiple Choice

Which of the following is true of an oligopoly?

• A) They engage in nonprice competition.
• B) They do not react to actions of their competitors.
• C) Each firm produces a small portion of the total output.
• D) Firms do not care what their competitors do.

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Definitions:

Western Philosophy

A philosophical tradition originating in the Western world, broadly encompassing the philosophy of ancient Greece and Rome, medieval European philosophy, and modern Western thought.

Cognitive Dissonance

State of psychological tension produced by simultaneously having two opposing cognitions. People are motivated to reduce the tension, often by changing or rejecting one of the cognitions. Festinger proposed that we seek harmony in our attitudes, beliefs and behaviours and try to reduce tension from inconsistency among these elements.

Japanese Participants

Individuals from Japan taking part in an activity, study, or event.

American Participants

A term often used in research studies indicating the individuals taking part in the study are from the United States.