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Homework answers / question archive / Which of the following is a key characteristic of an oligopoly? a) The firms in an oligopoly are mutually interdependent
Which of the following is a key characteristic of an oligopoly?
a) The firms in an oligopoly are mutually interdependent.
b) There are a small number of buyers in an oligopoly market.
c) There are a large number of firms in an oligopoly market.
d) Firms in an oligopoly market earn zero economic profit.
e) There are no entry barriers in an oligopoly market.
(a) The firms in an oligopoly are mutually interdependent.
The firms operating in an oligopolistic structure of the market are mutually dependent on each other. Any action on the part of one firm calls for reactions from other firms.
