Asked by
syazwani farid
on Dec 12, 2024
Verified
An oligopolistic market
A) has a small number of rival firms, and each is large relative to the size of the market.
B) is characterized by firms that merely take the price that is determined by the forces of supply and demand in the market.
C) has low entry barriers facing firms that may be interested in entering the market.
D) has a large number of firms that are small relative to the size of the market.
Oligopolistic Market
A market structure characterized by a small number of firms dominating the market, leading to limited competition and significant influence over price and market conditions.
Entry Barriers
Obstacles that make it difficult to enter a particular market, such as high start-up costs or stringent regulations.
Market Size
The total number of potential buyers and sellers in a given market, often measured by volume or value.
- Gain insight into the economic effects that monopolistic and oligopolistic markets have on setting prices, determining output, and ensuring efficiency.
Verified Answer
AH
Learning Objectives
- Gain insight into the economic effects that monopolistic and oligopolistic markets have on setting prices, determining output, and ensuring efficiency.