question archive An oligopoly is characterized by a
An oligopoly is characterized by a
Subject:MarketingPrice:2.88 Bought11
An oligopoly is characterized by
a. A small number of buyers who collectively set a purchase price.
b. A large number of relatively small firms who collude on supply and price.
c. A small number of relatively large firms, each with substantial control of the market.
d. A single large firm that dominates the market and determines the market price.
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Answer: C
First, answer D is the definition of a monopoly and answers A and B described a cartel. A cartel is a subset of an oligopoly which is simply a market with a small amount of sellers each with a large amount of market power. Thus the answer is C.
