Oligopoly Is a Market Structure Characterized By

question 169

Multiple Choice

Oligopoly is a market structure characterized by:

• A) a horizontal demand curve.
• B) a large number of small firms.
• C) interdependence in decisionmaking.
• D) relatively easy entry and exit.

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Definitions:

Hedonism

A philosophical belief that pleasure or happiness is the highest good and primary motivation of human action.

Homeostasis

The self-regulating process by which biological systems tend to maintain stability while adjusting to conditions that are optimal for survival.

Drive

An internal psychological state that motivates an organism to satisfy a need or achieve a goal.

Feedback

Information provided about the result of a process or activity, used as a basis for improvement.