Question

In: Economics

What is an oligopoly? A. A situation in which one seller controls the supply of a...

What is an oligopoly?

A.

A situation in which one seller controls the supply of a product or service.

B.

A situation in which numerous sellers have similar or identical products and services.

C.

A situation in which there is one seller created by government edict because competition would be wasteful in its duplication of resources.

D.

A situation in which few sellers control the majority of the supply of a product or service.

E.

A situation in which, as consumption increases for a specific product or service, the per unit power of the product to satisfy a human want decreases.

Solutions

Expert Solution

Option D

A situation in which few sellers control the majority of the supply of a product or service

The oligopoly is a market where supply or production is controlled by few firms or sellers and the product is identical or differentiated or both.


Related Solutions

In which situation does Seller make an express warranty? a. during negotiation, seller gave byron a...
In which situation does Seller make an express warranty? a. during negotiation, seller gave byron a brochure regarding a ring that byron was considering purchasing. The brochure stated that the ring was sterling silver. b. During negotiations for the sale of a drill. Seller stated to Buyer. "This drill is the best little drill on the market today. " Seller did not say anything else. c. During the negotiations for the sale of a chair to be specifically manufactured. Seller...
250 WORDS Provide an example of a situation in which the "design of controls" may be...
250 WORDS Provide an example of a situation in which the "design of controls" may be effective but those controls do not operate "effectively". In other words, what issues could cause these controls to be ineffective, such as situations in which the controls are circumvented, or ignored?
what is the difference between monopoly and oligopoly ? explain how the demand and the supply...
what is the difference between monopoly and oligopoly ? explain how the demand and the supply behave in the two cases?
Use supply-demand diagrams to illustrate the situation in which demand increases and supply decreases at the...
Use supply-demand diagrams to illustrate the situation in which demand increases and supply decreases at the same time. Indicate what the model predicts regarding the price change and quantity to equilibrium. Carefully label your diagram and explain it. Discuss and explain completely.
1) What is the term that describes a situation in which one party to an economic...
1) What is the term that describes a situation in which one party to an economic transaction has less information than the other party? Select one: A (inefficient market hypothesis), B (asymmetric information), C (unequal market structure), D(monopsony) 2) Economists have estimated that the cross-price elasticity of demand between beer and spirits is -0.50, the income elasticity for spirits is 1.21 and the income elasticity for wine is 5.03. These elasticities mean that beer and spirits are ________, and spirits...
1. When considering the company's supply chain, explain the degree to which Samsung controls its supply...
1. When considering the company's supply chain, explain the degree to which Samsung controls its supply chain and distribution. 2. Then explain the degree to which Samsung engages in related and unrelated diversification
in supply chain management, what are some other names for the seller? what are some other...
in supply chain management, what are some other names for the seller? what are some other names for the buyer?
companies in an oligopoly produce differentiated products. what is one of the products produced by the...
companies in an oligopoly produce differentiated products. what is one of the products produced by the Netflix ?what as its current price?
1. What is the nature of buyer-seller relationships in a product’s supply chain 2. Describe the...
1. What is the nature of buyer-seller relationships in a product’s supply chain 2. Describe the decision journey organizational buyers follow in making purchase decisions and the resulting strategy implications for the business marketer
Consider the following situation. With the power supply off, the current limit one-half of a turn...
Consider the following situation. With the power supply off, the current limit one-half of a turn and the voltage knob completely counterclockwise, a coil is connected to it. A secondary coil is placed just in front and connected it to a galvanometer. If you gently increase the voltage of power supply, explain what you would observe in the galvanometer. Would the needle deflect? Why? If the secondary coil is moved away from the primary coil, would the deflection of the...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT