Mastering Oligopoly
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Questions and Answers

Which term describes a market in which control over an industry lies in the hands of a few large sellers?

  • Monopoly
  • Perfect competition
  • Monopsony
  • Oligopoly (correct)

    • What type of products do oligopolistic markets typically have?

  • Differentiated products
  • Niche products
  • Homogenous products (correct)
  • Luxury products

    • What is the demand for products in oligopolistic markets?

  • Inelastic demand (correct)
  • Elastic demand
  • Unitary demand
  • Perfectly elastic demand

    • How do firms in oligopolistic markets influence prices?

    <p>By colluding with other firms</p> Signup and view all the answers

    What is the relationship between firms in an oligopoly?

    <p>Dependent</p> Signup and view all the answers

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