An Oligopoly Is Characterised by Having

question 71

Multiple Choice

An oligopoly is characterised by having:

• A) a low-concentration ratio and a few large independent firms.
• B) a high-concentration ratio and a few large independent firms.
• C) many small firms that cannot dominate the market.
• D) a few large independent firms.

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Definitions:

Interest Rate

The cost of borrowing money, expressed as a percentage of the total amount loaned.

Net Wealth

The total value of all financial and non-financial assets owned by an individual or entity minus any liabilities.

Future Prices

The expected price of a commodity, security, or currency set in a futures contract for delivery and payment at a specified future date.

Consumption Function

An economic formula representing the relationship between total consumption and gross national income, suggesting that people will spend more as their income increases.