In an oligopolistic market:A) one firm is always dominant.B) products may be standardized or differentiated.C) the four largest firms account for 20 percent or less of total sales.D) the industry is monopolistically competitive.

Question

In an oligopolistic market:A)  one firm is always dominant.B)  products may be standardized or differentiated.C)  the four largest firms account for 20 percent or less of total sales.D)  the industry is monopolistically competitive.

Ashley Koenig · Accepted Answer

Final Answer : B, Explanation :  In an oligopolistic market, products may be standardized or differentiated. This means that there are a few large firms that dominate the market, but they may offer either identical or slightly different products. Option A is incorrect because one firm does not necessarily have to be dominant in an oligopoly, as there can be a few large firms with a significant market share. Option C is incorrect because the four largest firms in an oligopoly typically account for more than 20 percent of total sales. Option D is incorrect because monopolistic competition is a different market structure where there are many firms with similar but slightly differentiated products.

In an oligopolistic market:

A) one firm is always dominant.
B) products may be standardized or differentiated.
C) the four largest firms account for 20 percent or less of total sales.
D) the industry is monopolistically competitive.

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