A Defining Characteristic of an Oligopoly Is

question 52

Multiple Choice

A defining characteristic of an oligopoly is:

• A)firms in the industry know they are competing with a few large firms with market power.
• B)barriers to entry prevent newcomers to such an industry.
• C)easy entry and exit prevent long-run profits from being possible.
• D)all firms sell a standardized product.

Recognize and explain the concept of information overload and strategies to guard against it.

Develop strategies for writing effectively for a multilingual audience.

Identify and describe complementary skills that enhance communication abilities.

Demonstrate knowledge of ways to adjust attitudes toward workplace diversity.

---

Definitions:

Adam Smith

A Scottish economist and philosopher, best known for his book "The Wealth of Nations," in which he laid the foundations of classical free market economic theory.

Karl Marx

A 19th-century philosopher, economist, and political theorist best known for his theories about capitalism and communism.

Plant And Equipment

Refers to the tangible assets that are used in the operation of a business or industry including machinery, buildings, and vehicles.

Society Control

Mechanisms, processes, and institutions through which societies regulate behavior and maintain order, stability, and cohesion.