Under oligopolistic competition,the market consists of a few sellers who are highly sensitive to each other's pricing and marketing strategies.

Question

Quizplus · Accepted Answer

This statement accurately describes the characteristics of oligopolistic competition. Few sellers in the market create interdependence, where each firm's decision on pricing and marketing strategies can impact the others in the market. This leads to a high level of sensitivity among the sellers towards each other's decisions.

Under Oligopolistic Competition,the Market Consists of a Few Sellers Who