Which of the following characteristics most distinguishes an oligopoly industry from the other three types of market structures?

Question

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Mutual interdependence is the characteristic that distinguishes an oligopoly industry from the other three types of market structures. In an oligopoly, there are few large firms that dominate the market, and their decisions regarding price, production, and marketing strategies are highly interdependent. The actions of one firm will have a significant impact on its competitors, and each firm must carefully consider the reactions of its rivals when making its own decisions. This level of mutual interdependence is not present in perfect competition, monopolistic competition, or monopoly markets. Difficult entry and differentiated products can also be present in other market structures, and control of price by individual firms is a characteristic of monopolies.

Which of the Following Characteristics Most Distinguishes an Oligopoly Industry