Oligopoly Differs from Perfect Competition and Monopolistic Competition in That

question 50

Multiple Choice

Oligopoly differs from perfect competition and monopolistic competition in that

• A) barriers to entry are lower in oligopoly industries than they are in perfectly competitive and monopolistically competitive industries.
• B) demand and marginal revenue curves are more useful for analysing oligopoly than they are for analysing perfect competition and monopolistic competition.
• C) because oligopoly firms often react when other firms in their industry change their prices, it is difficult to know what the oligopolist's demand curve looks like.
• D) the concentration ratios of oligopoly industries are lower than they are for perfectly competitive and monopolistically competitive firms.

---

Definitions:

Public Sphere

A domain of social life where individuals can come together to freely discuss and identify societal problems, and through that discussion influence political action.

Ideology

A system of ideas and ideals, especially one that forms the basis of economic or political theory and policy.

Gender Stratification

The hierarchical distribution of social and economic resources according to gender.

Institutional Sexism

Discrimination based on gender that is entrenched in the policies, laws, and practices of organizations and institutions, leading to inequality.