What Is the Definition of Oligolopoly

question 52

Multiple Choice

What is the definition of oligolopoly?

• A)a structure that has many buyers and sellers,but the products are differentiated on some basis
• B)a structure where customers are willing to pay a little more for the unique feature that appeals to them
• C)a structure that combines perfect competition and monopoly,but is closer to a competitive situation
• D)a structure characterized by very few sellers and high barriers to entry

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Definitions:

State-of-the-Art Defense

The state-of-the-art defense is a legal argument used in product liability cases to claim that the product was made in accordance with the highest level of technology and knowledge available at the time of manufacture.

Strict Liability

A legal doctrine that holds a party responsible for damages or harm caused by their actions, without the need to prove negligence or fault.

Strict Product Liability

Liability under which, courts may hold the manufacturer, distributor, or retailer liable for any reasonably foreseeable injured party.

Negligence Per Se

A legal doctrine where an act is considered negligent because it violates a statute or regulation.