One key characteristic that is distinctive of an oligopoly market is that
A) the demand curve facing each firm is downward sloping, with a marginal revenue curve that lies below the firm's demand curve.
B) the decisions of one seller often influence the price of products, the output, and the profits of rival firms.
C) there is only one firm that produces a product for which there are no good substitutes.
D) there are many sellers in the market and each is small relative to the total market.

Question

Quizplus · Accepted Answer

In an oligopoly, a few firms dominate the market, and the actions of one firm can significantly impact the others, influencing prices, output, and profits.

One Key Characteristic That Is Distinctive of an Oligopoly Market