Which of the Following Is the Best Definition of an Oligopoly

question 125

Multiple Choice

Which of the following is the best definition of an oligopoly?

• A) An industry with only one buyer,but many sellers
• B) An industry with many buyers and many sellers; sellers have no control over price
• C) An industry with many buyers,but only one seller
• D) An industry with only a handful of sellers,most of which are large
• E) An industry with many buyers and many sellers; sellers have some control over price

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Definitions:

Sensory Adaptation

The method through which sensory receptors decrease in sensitivity to unchanging stimuli as time progresses.

Synaesthesia

A perceptual condition in which stimulation of one sensory pathway leads to automatic, involuntary experiences in a second sensory pathway.

Subliminal Perception

The operation of sensory systems in handling information without the individual's conscious recognition.

Just-noticeable Difference

The smallest change in the intensity of a stimulus that can be detected by a sensory system, also known as the difference threshold.