Asked by Sandra Belgarde on Apr 24, 2024
Verified
An industry characterized by a few interdependent firms and by barriers to entry is called:
A) perfect competition.
B) monopolistic competition.
C) monopoly.
D) oligopoly.
Oligopoly
A market structure characterized by a small number of firms dominating the market, leading to limited competition and potentially higher prices.
Interdependent Firms
Companies whose strategies, actions or performances are mutually influenced or dependent on each other.
Barriers to Entry
Factors that make it difficult for new firms to enter a market, such as high start-up costs or strict regulations.
- Master the fundamentals and properties of oligopoly.
- Acquire knowledge on the principle and relevance of barriers to entry in the classification of market forms.
Verified Answer
May 02, 2024
Learning Objectives
- Master the fundamentals and properties of oligopoly.
- Acquire knowledge on the principle and relevance of barriers to entry in the classification of market forms.
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