Asked by
Kenyatta Kruetzfeldt
on Oct 12, 2024
Verified
Oligopoly is characterized by
A) identical products only.
B) differentiated products only.
C) high barriers to entry.
D) many firms.
Oligopoly
A market structure characterized by a small number of firms dominating the market, leading to limited competition and higher prices for consumers.
High Barriers
Obstacles that make it difficult for new entrants to enter a market, including high starting costs, stringent regulations, or strong competition.
Differentiated Products
Goods or services that are distinguished from others by quality, branding, or other features, leading to non-price competition among firms.
- Become familiar with the features and behaviors of companies within an oligopoly.
- Understand the elements that constitute obstacles to entering a market.
Verified Answer
AA
Learning Objectives
- Become familiar with the features and behaviors of companies within an oligopoly.
- Understand the elements that constitute obstacles to entering a market.