Question

an oligopoly market structure is distinguished by several characeristics, one of which a market controll by...

an oligopoly market structure is distinguished by several characeristics, one of which a market controll by a few large firms. what are some of the other Characteristics characteristicsof this market structure? CLICK ALL THAT APPLY
A. differentiated products only
B. difficult entry
C. no entry
D. differentiated products or either standardized
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Answer #1

An oligopoly is a market form wherein a market or industry is dominated by a small group of large sellers.

Characteristics of oligopoly that apply:

B. difficult entry

Barriers to entry are obstacles that make it difficult to enter a given market. Important barriers are economies of scale, patents, access to expensive and complex technology, and strategic actions by incumbent firms designed to discourage or destroy new entrants.

D. differentiated products or either standardized

While some oligopoly industries make standardized products such as tools, copper, and steep pipes; others make differentiated products such as cars, cigarettes, soda, and cell phone manufacturers

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