Asked by Charles Johnson on Jul 11, 2024
Verified
Generally speaking,oligopolistic industries producing raw materials and semifinished goods usually offer differentiated products,while oligopolists producing consumer goods usually offer standardized products.
Oligopolistic Industries
Sectors characterized by a small number of large firms that have significant control over market prices and competition.
Differentiated Products
Goods or services that are distinguished from similar products by characteristics like quality, design, and features.
Standardized Products
Goods that are made to specific standards to ensure consistency and uniformity, facilitating mass production and interchangeability across different brands or producers.
- Gain insight into the different market models, like monopoly, oligopoly, monopolistic competition, and absolute competition.
- Acknowledge the function and necessity of advertising in diverse market systems.
Verified Answer
AO
Abraham OrozcoJul 12, 2024
Final Answer :
False
Explanation :
In oligopolistic industries, it's more common for firms producing consumer goods to offer differentiated products to create brand loyalty and distinguish themselves from competitors, while industries producing raw materials and semifinished goods are more likely to offer standardized products due to the nature of these goods being fundamental inputs that are less varied.
Learning Objectives
- Gain insight into the different market models, like monopoly, oligopoly, monopolistic competition, and absolute competition.
- Acknowledge the function and necessity of advertising in diverse market systems.