Question

Oligopoly is characterized by all of the following except.
O A few large firms
O Differentiated product
Difficulty entry into the industry
O Price competition​

Answer 1

Answer:

Differentiated product

Answer 2

Answer :

Price competition​

Explanation :

Oligopoly is a market structure characterized by a small number of large firms dominating the industry. These firms have significant market power and can influence the market outcomes through their actions. One of the key features of oligopoly is the presence of differentiated products, meaning that the products offered by different firms in the industry are unique and not perfect substitutes for each other. Another important feature of oligopoly is the difficulty of entry into the industry, as the large firms already present in the market have significant barriers to entry such as economies of scale, brand recognition, and access to resources. The exception among the options given is "price competition." Oligopolies often have a high level of interdependence among firms, meaning that the actions of one firm will affect the actions of its rivals, thus firms in an oligopoly market tend to avoid price competition and instead engage in non-price competition, such as advertising and product differentiation.

The correct answer is "Price competition" as Oligopoly is a market structure in which a few large firms dominate the market. These firms often produce differentiated products, which means that the products offered by each firm are slightly different from one another. Additionally, there is a high barrier to entry in an oligopoly market, making it difficult for new firms to enter the industry. However, price competition is not a characteristic of oligopoly as firms have a significant market power and can influence prices in the market. Instead, firms in an oligopoly market may engage in non-price competition such as advertising, product differentiation, and innovation.

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