A Defining Characteristic of an Oligopoly Is

question 23

Multiple Choice

A defining characteristic of an oligopoly is:

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

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Definitions:

Tay-Sachs Disease

A serious genetic disease in which abnormal lipid metabolism in the brain causes mental deterioration in affected infants and young children; inheritance pattern is autosomal recessive.

Autosomal Recessive

A mode of inheritance in which a trait or disorder is expressed in individuals who have two copies of a mutant gene on one of the non-sex chromosomes (autosomes).

Lipids

A broad group of naturally occurring molecules that include fats, waxes, sterols, fat-soluble vitamins (such as vitamins A, D, E, and K), monoglycerides, diglycerides, triglycerides, and phospholipids.

Hemophilia

A rare genetic disorder in which the blood's ability to clot is severely reduced, causing the patient to bleed severely from even a slight injury.