Oligopolies are characterised by:

Question

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Oligopolies are characterised by mutual interdependence, meaning the actions of one firm affect the others in the market. This is because there are only a small number of firms in the market, so each firm's actions have a significant impact on the overall market outcomes. Homogeneous products (A) refer to a market where all products are essentially the same, while differentiated products (B) refer to a market where products differ from one another in some way. Independence (C) implies that firms in the market are not influenced by the actions of other firms, which is not the case in an oligopoly.

Oligopolies Are Characterised By