How Does an Oligopolist Differ from a Perfect Competitor

question 112

Multiple Choice

How does an oligopolist differ from a perfect competitor?

• A)There is cutthroat competition in perfect competition but little competition in oligopoly because firms have significant market power.
• B)Firms in an oligopoly do not produce homogeneous products while firms in perfect competition do.
• C)The market demand curve for a perfectly competitive industry is perfectly elastic but it is downward sloping in an oligopolistic industry.
• D)There are no entry barriers in perfect competition but there are entry barriers in oligopoly.

---

Definitions:

Leader's Reaction

The response or behavior of a leader in response to a specific situation, challenge, or feedback.

Undesirable Work Behaviors

Actions by employees that are detrimental to the goals and values of the organization, such as absenteeism or insubordination.

Organizational Goals

Are the strategic objectives that a company aims to achieve, which guide its operations and decision-making processes.

Operant Conditioning

A method of learning that uses rewards and punishments to influence behavior.