A Characteristic Common in Both Oligopoly and Monopolistic Competition Is

question 174

Multiple Choice

A characteristic common in both oligopoly and monopolistic competition is

• A) a small number of firms compete in the market.
• B) natural or legal barriers prevent the entry of new firms into the market.
• C) each firm faces a downward-sloping demand curve.
• D) the firms in the market are interdependent.
• E) each firm has a large share of the market.

---

Definitions:

Apparent Authority

A principle in law where a person appears to have authority to act on behalf of another party, such as a company, due to their conduct or statements.

Disclosed Principal

A principal whose identity is known by the third party at the time of entering into a contract with an agent.

Terminates

The act of bringing something to an end or conclusion, often referring to the cessation of agreements, employment, or processes.

Express Authority

Authority granted to an agent in clear, definite terms, verbally or in writing, by the principal in an agency relationship.