Like a Pure Monopoly,an Oligopoly Is Characterized by

question 57

Multiple Choice

Like a pure monopoly,an oligopoly is characterized by

• A) free entry and exit in the long run.
• B) free entry and exit in the short run.
• C) significant barriers to entry.
• D) all firms in the market producing the socially efficient level of output in the long run.
• E) a single firm selling a product with no close substitutes.

---

Definitions:

Electro-magnet

A type of magnet in which the magnetic field is produced by an electric current, usually wrapped around a core of ferromagnetic material, which enhances its magnetic field strength.

Relative Motion

The motion of an object as observed from a particular reference frame, which may be moving or stationary.

Electro-magnetic Induction

Electro-magnetic induction is the process whereby a changing magnetic field within a coil of wire induces a voltage across the ends of the wire, leading to the creation of an electric current.

Domination

Is a mode of interaction in which nearly all power is concentrated in the hands of people of similar status. Fear is the dominant emotion in systems of interaction based on domination.