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An operational definition is a statement of the procedures or ways in which a researcher is going to measure behaviors or qualities. For example, the operational definition of anxiety could be in terms of a test score, withdrawal from a situation, or activation of the sympathetic nervous system. Operational definitions are important because one must define the measured variables in order to properly measure it.
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The definition of oligopoly is that; it is a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies.
<h3>Oligopoly</h3>
Oligopoly is simply defined as a market that is characterized by a small number of firms who realize that they are interdependent in their pricing and output policies.
Now, although the number of firms is small they still wield enough influence to give each firm some level of market power.
There are types of oligopoly such as symmetric where all the firms are of equal size or asymmetric when that is not the case.
Read more on Oligopoly at; brainly.com/question/10666373
