An Oligopoly Is Characterized by

question 83

Multiple Choice

An oligopoly is characterized by

• A)few firms, which have control over market price
• B)many firms and some barriers to entry
• C)a large number of firms and no barriers to entry
• D)a single firm and no barriers to entry
• E)a single firm and significant barriers to entry

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Definitions:

Conditioned Response

A learned reaction to a specific stimulus that has been reinforced through repetition, such as salivating when hearing a bell if food is usually presented afterward.

Pancakes

A flat, often thin and round, cake prepared from a starch-based batter that may contain eggs, milk and butter, cooked on a hot surface.

Happiness

A state of well-being and contentment characterized by emotions ranging from contentment to intense joy.

Classical Conditioning

An instructional method where learning arises from the association between a naturally present stimulus and one from the environment.