What is NOT a characteristic of an oligopoly?
A) high barriers to entry
B) standardized goods between firms
C) a few large firms dominating the industry
D) zero economic profit in the long run

Question

Quizplus · Accepted Answer

In an oligopoly, firms can earn long-term economic profits due to high barriers to entry and market power, unlike in perfect competition where zero economic profit is expected in the long run.

What Is NOT a Characteristic of an Oligopoly