Which of the following describes an oligopoly? 1. All of these 2. An industry in which firms are price takers 3. An industry with a perfectly elastic supply curve 4. None of these 5. An industry in which firms maximize profits by setting the price equal to marginal revenue 6. An industry dominated by few firms
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An industry in which firms are price takers - This describes a perfect competition, not an oligopoly. In an oligopoly, firms have some control over the price. Show more…
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