What Is the Most Important Characteristic of Oligopoly

question 46

Multiple Choice

What is the most important characteristic of oligopoly?

• A)firms have market power
• B)product differentiation
• C)low barriers to entry
• D)interdependence of profits
• E)none of the above

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Definitions:

Observational Learning

The process of watching how others behave and learning from their example.

Insight Learning

A form of problem-solving where the solution comes suddenly and unexpectedly after a period of contemplation, seeing the problem in a new way.

Kitchen Drawers

Storage compartments within a kitchen used for organizing utensils, tools, and other kitchenware.

Mirror Neurons

Neurons that fire whenever an animal performs an action, such as stretching out its arm or reaching toward a target, and also whenever the animal watches another performing the same action.