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Which of the Following Is a Characteristic of an Oligopoly? Many Small Firms A Single Seller A Few Large Firms Dominate the Market

Question

Which of the following is a characteristic of an oligopoly? Many small firms A single seller A few large firms dominate the market Perfect information

Solution

Verificación de expertos
4.5 (258 Votos)
Carlinhos Profissional · Tutor por 6 anos

Resposta

'C'

Explicação

## Step 1An oligopoly is a market structure characterized by a small number of firms that dominate the market. This is in contrast to other market structures such as perfect competition, where there are many small firms, or a monopoly, where there is a single seller.## Step 2In an oligopoly, the actions of one firm directly affect the others. This is because the market is dominated by a few large firms, and the decisions of one firm can have a significant impact on the market as a whole.## Step 3The term "oligopoly" is derived from the Greek words "oligos", meaning few, and "polein", meaning to sell. This reflects the nature of an oligopoly, where a few firms dominate the market.