Question

Which of the following is a characteristic of an oligopoly market structure? a. Many firms b. Price equals marginal revenue c. Strategic interdependence d. A unique product
Which of the following is characteristic of a competitive market? A) high costs B) low output C) inexhaustible supply D) efficiency

Answer 1

Strategic Interdependence is a characteristic of an oligopoly market structure.

Efficiency is characteristic of a competitive market.

In an oligopolistic market, where there are few firms and the items are highly correlated, each firm depends on the others to maximize profit. In order to corner the market, they jointly decide on price and output. A market structure known as an oligopoly has a small number of enterprises, none of which can prevent the others from having a large impact. The market share of the major companies is calculated using the concentration ratio.

A market with a monopoly has just one producer, a duopoly has two businesses, and an oligopoly has three or more businesses. The maximum number of firms in an oligopoly is unknown, but it must be low enough such that each firm's activities have a major impact on the others. Oligopolies can be created, maintained, or dismantled as a result of economic, legal, and technological considerations. The prisoner's dilemma that each member faces, which motivates each member to cheat, is the main challenge that oligopolies face.

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