Asked by
Alexandre Tetreault
on Oct 27, 2024Verified
If there are two gas stations in a very small town,then the gas station business there is probably BEST characterized as:
A) perfectly competitive.
B) monopolistically competitive.
C) monopolistic.
D) oligopolistic.
Oligopolistic
Pertaining to an oligopoly, describing a market dominated by a small number of firms, leading to strategic behaviors among them.
Gas Stations
Facilities that sell fuel and engine lubricants for motor vehicles. Some may also offer convenience store goods and car wash services.
Small Town
A community with a small population, typically smaller than a city, and characterized by a close-knit society with a localized economy.
- Comprehend the meaning and attributes of oligopoly.
- Determine market frameworks through their features and instances.
Verified Answer
US
Learning Objectives
- Comprehend the meaning and attributes of oligopoly.
- Determine market frameworks through their features and instances.