If a firm functions in an oligopoly, it is:
A)one of a small number of firms that produce goods that are either close or perfect substitutes.
B)the only firm that produces a good with no close substitutes.
C)one of a large number of firms that produce goods that are either close or perfect substitutes.
D)one of a large number of firms that produce a good with no close substitute.

Question

Quizplus · Accepted Answer

An oligopoly is an industry in which a small number of large firms produce products that are either close or perfect substitutes.

If a Firm Functions in an Oligopoly, It Is