1. Characteristics of oligopolyAn oligopolistic market structure is distinguished by several characteristics, one of which is either similar or identical products. Which of the followingare other characteristics of this market structure? Check all that apply.O Difficult entryO Market control by a few large firmsO Neither mutual interdependence nor mutual dependenceO Mutual interdependenceO Market control by many small firms

Answered: 1. Characteristics of oligopoly An…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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1. Characteristics of oligopoly
An oligopolistic market structure is distinguished by several characteristics, one of which is either similar or identical products. Which of the following
are other characteristics of this market structure? Check all that apply.
O Difficult entry
O Market control by a few large firms
O Neither mutual interdependence nor mutual dependence
O Mutual interdependence
O Market control by many small firms

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The phrase oligopoly comes from the Latin words 'olgoi', which means "few," and 'plé,' which means "to sell." As a result, it translates to 'few sellers.' This is one of the five fundamental criteria of an oligopoly, which we will explore further down. In economics, an oligopoly is a sort of market structure in which two or more enterprises control the market. They can control prices and supply when they work together. They are, however, powerless to affect the market on their own.

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