The product in an oligopolistic market
A) is assumed to be homogeneous.
B) is always differentiated from one firm to another.
C) may be homogeneous or differentiated.
D) has very many close substitutes.

Question

Quizplus · Accepted Answer

In an oligopolistic market, the product can be either homogeneous (e.g. steel) or differentiated (e.g. cars). It depends on the specific industry and the firms operating within it. Some firms may try to differentiate their products through branding or advertising, while others may compete solely on price. Therefore, option C is the best choice.

The Product in an Oligopolistic Market