Oligopoly is
A) like perfect competition because there are many firms in the industry.
B) like monopolistic competition because oligopoly firms all sell differentiated goods.
C) like perfect competition because oligopoly firms all sell homogeneous goods.
D) like monopoly because there are barriers to entry.

Question

Quizplus · Accepted Answer

Oligopoly is characterized by a few firms dominating the market, which often results in significant barriers to entry, similar to a monopoly. These barriers can include high startup costs, control over essential resources, or regulatory hurdles, making it difficult for new competitors to enter the market.

Oligopoly Is