If the Number of Firms in an Oligopoly Grows Smaller

question 160

Multiple Choice

If the number of firms in an oligopoly grows smaller, an oligopolistic market looks less and less like:

• A)a monopoly
• B)a duopoly
• C)a competitive market
• D)none of the above

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Definitions:

Ethical

Pertains to the principles of right and wrong that guide an individual in making decisions that affect others. In business, it often refers to practices that are morally right, fair, and honest.

Time Share

A property ownership model where multiple individuals have rights to use the property, each at different times of the year.

Caveat Emptor

A principle in commerce that places the onus on buyers to perform due diligence before making a purchase.

Concierge

A service role focused on providing assistance and fulfilling the various requests and needs of clients, often in settings like hotels or residential buildings.