In Oligopolistic Markets

question 124

Multiple Choice

In oligopolistic markets:

• A) there are a large number of sellers.
• B) firms are large relative to the size of the market.
• C) there are insignificant barriers to entry.
• D) firms have no perceptible influence over the market price.

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Definitions:

Fixed Action Pattern

An instinctive behavioral sequence that is relatively invariant within the species and almost inevitably runs to completion once initiated.

Dishabituation

The renewal of a response, previously habituated, following a change in stimulus.

Dehabituation

The revival of a response that had been previously habituated, often as a result of presenting a new, novel stimulus.

Novel Situation

A new or unfamiliar situation that requires adaptive behaviors or cognitive processes to navigate.