The term oligopoly indicates Multiple Choice a one-firm industry. many producers of a differentiated product. a few firms producing either a differentiated or a homogeneous product. an industry whose four-firm concentration ratio is low.

Question

Business

Willow Lutz

24 April, 22:41

The term oligopoly indicates Multiple Choice a one-firm industry. many producers of a differentiated product. a few firms producing either a differentiated or a homogeneous product. an industry whose four-firm concentration ratio is low.

+4

Answers (1)

Know the Answer?

Mathias Frost · Answer 1

a few firms producing either a differentiated or a homogeneous product.

Explanation:

The world Oligopoly comes from Ancient Greek, and literally means "few sellers".

An oligopoly is therefore a market structure in which there are only a few sellers. These sellers can provide either a similar product, or differentiated products.

For example, the world market for smartphones is an oligopoly dominated by Apple, Samsung, and Huawei. These three companies offer the essential same product: a smartphone, but each one tries to distinguish itself in some way. Apple provides brand, prestige, and luxury, Samsung reliability a different operating system, and Huawei, cheaper lines for lower income people.