Which type of competition is characterized by a small number of firms,homogeneous products and costly entry and exit?
A) Perfect competition
B) Monopolistic competition
C) Oligopoly
D) Monopoly

Question

Quizplus · Accepted Answer

The characteristics mentioned in the question are all hallmarks of an oligopoly market structure. In an oligopoly market, there are only a few firms that dominate the industry, the products sold by these firms are usually very similar or even identical, and the barriers to entry and exit are quite high. Examples of oligopolies include the automobile, airline, and telecommunications industries.

Which Type of Competition Is Characterized by a Small Number