A Firm in an Oligopoly Is Similar to a Monopoly

question 46

Multiple Choice

A firm in an oligopoly is similar to a monopoly in that

• A) both firms do not face competition from others.
• B) both firms could have significant market power and control over price.
• C) both firms face very inelastic demand for their products.
• D) both firms do not need to advertise.

Recognize the importance of essential attributes in definitions.

Understand the concept of counterexamples in evaluating definitions.

Identify and avoid circular definitions.

Recognize the significance of specificity and accuracy in definitions.

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Definitions:

Sit-in

A form of protest where individuals occupy an area, refusing to leave as a way to demand attention to a cause or injustice.

Assassination

The act of killing a prominent individual, often for political or ideological reasons.

Public Image

The perception or reputation of an individual, organization, or brand as seen by the public.

Recall

The ability to access and retrieve information from one's memory.