Question

14. Which is not a characteristic of Oligopoly? (A) Firms tend to be interdependent (B) When the firm faces a perfectly elastic demand curve (C) When the firm faces both elastic and inelastic demand (D) When only a few firms dominate a market​

Answer 1

Explanation:

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c is the correct answer

Answer 2

The firm faces a perfectly elastic demand curve is not a characteristic of an oligopoly market.

• An oligopoly market is a type of market where a very concentrated number of firms control the entire market. The firms are interdependent on each other.
• There is a high barrier for the new firms to enter the market and there is a kind of perfect competition.
• They are very small number of sellers who sell similar or differentiated goods.