Which is the most accurate statement?

A) The most important aspect of oligopoly is product differentiation.
B) An oligopolistic industry cannot have more than five firms.
C) There are virtually no oligopolies in the U.S.
D) There are a whole range of oligopolistic models,from a cartel to cutthroat competition.

Oligopolistic Models

Economic models that describe markets in which a few firms dominate, often leading to pricing and output decisions that consider the actions of competitors.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in a market, often in order to maximize the members' profits at the expense of consumers.