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Card 1 of 20

What key characteristic distinguishes oligopoly from other market structures?

A

Interdependence: a firm's decisions depend on the expected reactions of its rivals.

B

Price-taking: a firm's decisions have no influence on the behaviour of its rivals.

C

Free market entry: a firm's decisions depend on the arrival of many new rivals.

D

Single-firm dominance: a firm's decisions are unaffected by competition from any rivals.

Card 1 of 20

Oligopoly Flashcards

  1. A Level
  2. /Economics
  3. /Oligopoly

20 flashcards on OCR A Level Economics Oligopoly: the key terms, economic models and case studies you need to recall for Component 01, Component 02 and Component 03.

Flashcards