An Oligopoly Is a Form of Competition in a Particular

question 20

Multiple Choice

An oligopoly is a form of competition in a particular market where:

• A)there are many small firms competing with no differentiated
• B)there are a few, large firms selling slightly differentiated products
• C)there is one producer of a good or service
• D)there are many, small firms with slightly differentiated products

---

Definitions:

Equilibrium

A condition or state in which economic forces such as supply and demand are balanced, resulting in a stable market.

Coconuts

A large tropical fruit with a hard shell, edible white flesh, and clear liquid, often used in food and drink preparations.

Tax Imposed

An obligatory financial charge or other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Grapefruit

A citrus fruit known for its slightly bitter and sour taste, often eaten as part of breakfast or used in cooking.