Asked by Allissa Jenkins on May 01, 2024
Verified
An industry comprised of four firms,each with about 25 percent of the total market for a product,is an example of:
A) monopolistic competition.
B) oligopoly.
C) pure monopoly.
D) pure competition.
Oligopoly
A market structure characterized by a small number of large firms dominating the industry, often leading to limited competition.
Total Market
The complete demand for a product or service within an industry, encompassing all consumers and market segments.
- Analyze the defining features that distinguish market systems like pure competition, monopolistic competition, oligopoly, and monopoly from one another.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
B
Explanation :
An industry with four firms, each with about 25 percent of the total market, is an example of an oligopoly. Oligopoly is a market structure in which a few large firms dominate the industry and are able to influence price and other factors.
Learning Objectives
- Analyze the defining features that distinguish market systems like pure competition, monopolistic competition, oligopoly, and monopoly from one another.
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