An oligopoly market situation has:
A) relatively few sellers--or a few large firms and many smaller firms which follow the lead of the larger ones.
B) essentially homogeneous products.
C) fairly inelastic industry demand.
D) All of the above.
E) None of the above.

Question

Quizplus · Accepted Answer

An oligopoly market situation has relatively few sellers, which may include a few large firms and many smaller firms that follow the lead of the larger ones. Oligopolies often produce essentially homogeneous products, and the industry demand is typically relatively inelastic. Therefore, all of the above options are correct.

An Oligopoly Market Situation Has