question archive An oligopoly is characterized by a

An oligopoly is characterized by a

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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.

Option 1

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