In oligopoly, firms
A) are able to influence price only if the oligopolist's products are standardized.
B) are able to influence price only if the oligopolist's products are differentiated.
C) by virtue of their size, are able to influence price regardless of whether or not the product is differentiated or standardized.
D) have no influence over price regardless of whether or not the product is differentiated or standardized.

Question

Quizplus · Accepted Answer

In an oligopoly, a small number of firms have a large market share, allowing them to influence price due to their significant market presence. This ability to influence price is not dependent on whether their products are differentiated or standardized.

In Oligopoly, Firms