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Which of the following statements is true? -

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Question

Which of the following statements is true?

Options

  • The existence of oligopoly requires that a few firms are able to gain significant market power but can't prevent other smaller competitors from entering the market.

  • The existence of an

    Oligopoly is characterised by the following characteristics:

    a small number of firs or a big market share

    Entry is difficult.

    oligopoly requires that a large number of firms are able to gain significant market power, preventing other smaller competitors from entering the market.

  • The existence of oligopoly requires that a few firms are able to gain significant market power, preventing other smaller competitors from entering the market.

  • The existence of monopoly requires that a few firms are able to gain significant market power, preventing other smaller competitors from entering the market.

MCQ

Solution

The existence of an oligopoly requires that a large number of firms are able to gain significant market power, preventing other smaller competitors from entering the market.

Explanation:

Oligopoly is characterised by the following characteristics:

  1. a small number of first or a big market share
  2. Entry is difficult.
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