An Example of an Oligopoly Is

question 144

Multiple Choice

An example of an oligopoly is:

• A) the book industry.
• B) the music CD industry.
• C) the automobile industry.
• D) the market for soybeans.

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Definitions:

One Buyer

One buyer refers to a market situation where a single customer or entity has significant buying power or is the sole purchaser of a product or service.

Product

An item or service created through a process and offered for sale to satisfy wants or needs of consumers.

Service

Activities or functions provided by one party to another, often in exchange for payment, that do not result in the ownership of anything.

Viral Marketing

A marketing strategy that encourages individuals to share a marketing message, often through social media, to spread information about a product or service rapidly.