Question

An oligopolistic market structure is distinguished by several characteristics, one of which is either similar or identical products. Which of the following are other characteristics of this market structure?
Check all that apply.
Difficult entry
Neither mutual interdependence nor mutual dependence
Mutual interdependence
Market control by many small firms
Market control by a few large firms

Answer 1

Answer:

Difficult entry, Mutual interdependence, Market is control by a few large firms.

Explanation:

An Oligopolistic market very few organisations control a particular market share. Likewise, when another organisation attempts to enter the market, there are obstructions set up by the current organisations. Similarly, if one organisation changes or alter a commodity, it affects all other firms and organisations. So there is mutual interdependence in the oligopolistic market. There is high mutual interdependence because firms produce identical or the same goods and services.