Free Preparation Discussions
MENU
ISM Exam INTE Topic 2 Question 4 Discussion
Topic #: 2
Which of the following describes a market structure where there are few sellers and many buyers and where price is controlled by either an industry leader or a cartel?
An oligopoly is a market structure where a few sellers dominate the market and many buyers ex-ist. In such a market, prices and output levels are often controlled by the leading firms or through collusion, such as forming a cartel. These firms hold significant market power, which allows them to influence prices and other market factors. Oligopolies are common in industries where high en-try barriers exist, such as telecommunications, airlines, and oil and gas. Reference:
* Perloff, J. M. (2016). Microeconomics: Theory and Applications with Calculus. Pearson.
* Mankiw, N. G. (2014). Principles of Microeconomics. Cengage Learning.
Blondell
3 months agoRuby
3 months agoRosalyn
1 months agoLaurel
1 months agoIlda
2 months agoGalen
2 months agoTegan
3 months agoJennifer
1 months agoAlana
1 months agoChristoper
1 months agoJohnathon
2 months agoJina
2 months agoBethanie
2 months agoCarma
3 months agoKenneth
3 months agoReta
3 months agoSherell
3 months agoRuby
3 months agoKimbery
4 months agoAlecia
4 months agoMariko
2 months agoEdward
3 months agoKrissy
4 months ago