Which situation best describes an oligopoly?
Answer and Explanation: Which of the following best describes an oligopoly? (B) a few firms sharing monopoly power. An oligopoly has only a "few" firms that sell…
Which situation could be the best example of an oligopoly Brainly?
Which situation could be the best example of an oligopoly? A new producer of a smart phone operating system is trying to enter the market but cannot because most cell phone makers use one of two popular operating systems.
What is oligopoly in economics?
Oligopoly markets are markets dominated by a small number of suppliers. They can be found in all countries and across a broad range of sectors. Some oligopoly markets are competitive, while others are significantly less so, or can at least appear that way.
What are types of oligopoly?
Types of oligopoly
- Pure oligopoly.
- Imperfect oligopoly.
- Open oligopoly.
- Closed oligopoly.
- Collusive oligopoly.
- Competitive oligopoly.
- Partial oligopoly.
- Total oligopoly.
Which of the following best describes a situation where an oligopoly exist apex?
Which best describes a situation where an oligopoly exists? A small number of producers command nearly the entire market for a certain good or service.
Why do oligopolies exist?
Why Do Oligopolies Exist? A combination of the barriers to entry that create monopolies and the product differentiation that characterizes monopolistic competition can create the setting for an oligopoly. For example, when a government grants a patent for an invention to one firm, it may create a monopoly.
Why does oligopoly exist?
Why do oligopolies exist? The biggest reason why oligopolies exist is collaboration. Firms see more economic benefits in collaborating on a specific price than in trying to compete with their competitors.
Which of the following is the best example of a oligopoly market structure?
OPEC is the best example of oligopoly.
Why do oligopolies exist quizlet?
Oligopolies exist because of barriers to entry. One of the most important barriers to entry is due to economies of scale.
Which of the following best explains why the media industry is characterized by an oligopolistic market structure?
Which best explains why the media industry is characterized by an oligopolistic market structure? Centralization of ownership has led to an industry controlled by a few large companies.
Which describes a situation where monopolistic competition exists?
Which describes a situation where monopolistic competition exists? Many producers are selling slightly differentiated products.
What is an oligopoly quizlet?
oligopoly. A market structure in which a few large firms dominate a market; barriers to entry, cooperation, collusion and cartels.
Why do Oligopolies exist?
Why Do Oligopolies Exist? A combination of the barriers to entry that create monopolies and the product differentiation that characterizes monopolistic competition can create the setting for an oligopoly. For example, when a government grants a patent for an invention to one firm, it may create a monopoly.
What is oligopoly quizlet?
Oligopoly. A market structure in which a small number of interdependent firms compete. Barrier to entry. Anything that keeps new firms from entering an industry in which firms are earning economic profits.
What are the characteristics of oligopoly?
What are the characteristics of oligopoly in economics? Oligopoly characteristics include high barriers to new entry, price-setting ability, the interdependence of firms, maximized revenues, product differentiation, and non-price competition.
Which of the following is a characteristic of an oligopolistic market structure?
An oligopoly is characterized by a few firms that have control over the price and output level of a market.
What is an oligopoly competition?
a competitive situation in which there are only a few sellers (of products that can be differentiated but not to any great extent); each seller has a high percentage of the market and cannot afford to ignore the actions of the others.
Which of the following is an example of an oligopoly quizlet?
An oligopoly is a market structure in which many firms sell products that are similar but not identical. The market for crude oil is an example of an oligopolistic market.
What is oligopoly explain its characteristics?
An oligopoly is an industry which is dominated by a few firms. In this market, there are a few firms which sell homogeneous or differentiated products. Also, as there are few sellers in the market, every seller influences the behavior of the other firms and other firms influence it.
Which statement is true about oligopolies?
Which statement is true about oligopolies? They do not achieve allocative efficiency because their price exceeds marginal cost. When members of an oligopoly react to price changes by a dominant firm, the ______ _______ model is most applicable.
How do you identify an oligopoly?
Generally, a market is considered an oligopoly when 50 percent of the market is controlled by the leading 4 firms. An oligopoly can be identified using either the concentration ratio, or the Herfindahl-Hirschman Index.
Which of the following is feature of oligopoly?
The market is highly concentrated. Few firms are grouped in certain numbers. There is also price stickiness seen in oligopoly market. Hence, price rigidity is a feature of an oligopoly firm.
What is a feature of an oligopoly quizlet?
Oligopoly Characteristics/ Key Features. 1) Few Sellers in the Industry. 2) Interdependence Between Firms. 3) Product Differentiation Occurs. 4) Barriers to Entry Exist.
What are characteristics of an oligopoly?
Oligopoly characteristics include high barriers to new entry, price-setting ability, the interdependence of firms, maximized revenues, product differentiation, and non-price competition.