An Oligopoly Is Characterized By

question 19

Multiple Choice

An oligopoly is characterized by:

• A) a relatively small number of firms
• B) either differentiated or undifferentiated products
• C) actions of any individual firm will affect sales of other firms in the industry
• D) a and b
• E) a,b,and c

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Definitions:

Circumstances

The conditions or facts affecting a situation, event, or action.

Own Choices

Decisions made independently by an individual, based on personal preference or judgment.

Myers-Briggs Test

A psychological assessment that categorizes individuals into personality types based on their preferences in perceiving the world and making decisions.

Aptitude

A natural ability to do something or to learn something.