An oligopoly is characterized by:
A) a relatively small number of firms
B) either differentiated or undifferentiated products
C) actions of any individual firm will affect sales of other firms in the industry
D) a and b
E) a,b,and c

Question

Quizplus · Accepted Answer

An oligopoly is characterized by a relatively small number of firms, and these firms may offer differentiated or undifferentiated products. Additionally, the actions of any individual firm in the industry will impact the sales of other firms in the industry. Therefore, all three statements (a, b, and c) are correct, making choice E the best answer.

An Oligopoly Is Characterized By