The characteristic most closely associated with oligopoly is
A) easy entry into the industry.
B) a few large producers.
C) product standardization.
D) no control over price.

Question

Quizplus · Accepted Answer

Oligopoly is characterized by a few large producers dominating the market. This concentration of market power among a small number of firms allows them to potentially collude on prices and output levels, and can result in competitive behavior that is different from that seen in more competitive markets. Easy entry into the industry and product standardization are not typically associated with oligopoly, while the degree of control over price can vary depending on market conditions and the behavior of the firms involved.

The Characteristic Most Closely Associated with Oligopoly Is