ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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“few.”
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“single.”
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“all.”
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“one.”
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Detailed explanation-1: -In the economic term oligopoly, the word part “olig-” probably means . few. Pure competition and monopoly.
Detailed explanation-2: -The combining form olig-or oligo-means “few, little.” An oligopoly is a market controlled by a small number of suppliers. In an oligarchy, power is in the hands of a few people.
Detailed explanation-3: -(Greek: prefix; scanty, little, meager, tiny, infrequent; abnormally few or small) oligopolistic. oligopoly, oligopolies. 1.
Detailed explanation-4: -Monopolists will try to maximize profits; therefore, compared with a perfectly competitive market, the monopolist produces fewer goods at a higher price.
Detailed explanation-5: -Which of the following best describes oligopoly? Involves only a few sellers of a standardized or differentiated product, so each firm is affected by the decisions of its rivals.