The Key Characteristic of Oligopoly Markets Is "Interdependence Among Firms

question 33

Multiple Choice

The key characteristic of oligopoly markets is "interdependence among firms." This means that:

• A) the demand curve faced by each firm is perfectly elastic.
• B) each firm produces a product identical to its rivals.
• C) each firm must consider how its decisions will affect its competitors.
• D) firms will be able to earn above-normal profits in the long run.

---

Definitions:

Social Needs

Human requirements for forming meaningful relationships, belonging to groups, and feeling accepted by others.

Followers

Individuals who support, are guided by, or are loyal to a leader or organization, often contributing to its goals and mission.

Blake and Mouton

Creators of the Managerial Grid Model, which identifies leadership styles based on concern for people and concern for production.

Task Behaviors

Actions and activities directed towards completing specific tasks or objectives within an organizational or team setting.