Asked by Sandhu Luvjit on Jun 04, 2024
Verified
Which would best describe an oligopolized industry?
A) An industry dominated by two or three large firms
B) An industry dominated by one large firm
C) An industry with a very low concentration ratio
D) An industry with many firms
Oligopolized Industry
A market structure characterized by a few firms that have significant control over market prices and competition.
Large Firms
are corporations or enterprises that operate on a large scale, typically having extensive operations, numerous employees, and a wide reach of influence and market control.
Concentration Ratio
A measure of the market share held by the largest firms within an industry, used to determine the level of competition and market structure.
- Attain insight into the principal qualities of oligopolies and how they affect the economy.
Verified Answer
SS
Simran SharmaJun 11, 2024
Final Answer :
A
Explanation :
An oligopolized industry is characterized by a small number of large firms dominating the market. A concentration ratio of 2 or 3 firms is typically indicative of an oligopoly market structure.
Learning Objectives
- Attain insight into the principal qualities of oligopolies and how they affect the economy.