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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?
Suggested Answer: D
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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.
40 comments · newest first
LY
Lyndia
11 months ago
Wait, are we sure it's not Monopsony? That sounds similar.
JA
Jade
12 months ago
Agreed, D is spot on!
SU
Sue
12 months ago
Oligopoly makes sense, but isn't it a bit tricky?
RE
Reynalda
1 year ago
I thought it was C, Monopoly.
NE
Nettie
1 year ago
Definitely D, Oligopoly is the right answer!
TR
Trinidad
1 year ago
I’m leaning towards oligopoly too, especially with the mention of an industry leader or cartel. That sounds familiar!
AR
Arthur
1 year ago
I keep mixing up oligopoly and monopoly. Is it possible that monopoly could also be the answer?
WA
Walker
1 year ago
I remember practicing a question like this, and I think oligopoly fits best because of the few sellers part.
KR
Kristian
1 year ago
I think this might be about oligopoly since it mentions few sellers and price control, but I'm not entirely sure.
CA
Cassi
1 year ago
I'm a little confused. Is oligopoly the same as monopoly? They both have few sellers, right? I'll have to review my notes to make sure I understand the difference.
AD
Adelaide
1 year ago
Okay, I remember learning about this in class. Oligopoly is the market structure where there are few sellers and price is controlled by the industry leaders or a cartel. That fits the description in the question.
IL
Iluminada
1 year ago
Hmm, I'm a bit unsure here. I know oligopoly involves few sellers, but I'm not sure if that's the only characteristic. Let me think this through carefully.
AL
Alfreda
1 year ago
This one seems straightforward. I'm pretty confident the answer is D, oligopoly.
VA
Valentine
1 year ago
This one seems pretty straightforward. I think the answer is D. Next-hop is the field that determines the direction frames will egress the node.
TO
Tonette
1 year ago
Okay, I think I've got a strategy for this. The key is to identify which Salesforce feature is best suited for creating a custom scoring system based on the given criteria. I'll weigh the pros and cons of each option.
TH
Theron
1 year ago
I think XML canonicalization is true based on our lectures about digital signatures. It makes sense for integrity.
MI
Micheline
1 year ago
I'm pretty sure the answer is D. cisco-av-pair is the attribute that needs to be configured for RADIUS authentication in Cisco ACI.
BL
Blondell
2 years ago
I bet the professor is just trying to see if we're awake with this one. D) Oligopoly is the only logical choice here. If they wanted to really mess with us, they'd throw in 'duopoly' as an option!
RU
Ruby
2 years ago
Easy peasy, it's D) Oligopoly all the way! I could probably explain the difference between oligopoly and monopoly in my sleep at this point. Time to flex my econ muscles!
RO
Rosalyn
2 years ago
C) Monopoly is when there is only one seller in the market.
LA
Laurel
2 years ago
It's definitely not A) Monopsony or B) Perfect competition.
IL
Ilda
2 years ago
Oligopoly is when there are a few big players controlling the market.
GA
Galen
2 years ago
I agree, D) Oligopoly is the correct answer.
TE
Tegan
2 years ago
Hmm, this one's tricky. I'm torn between C) Monopoly and D) Oligopoly. But I think the 'few sellers' part makes D) Oligopoly the better fit. Let's hope the professor doesn't pull a fast one on us!
JE
Jennifer
2 years ago
I'm leaning towards D) Oligopoly too. Let's hope we're on the right track!
AL
Alana
2 years ago
Yeah, I see your point. It does seem like D) Oligopoly fits better in this case.
CH
Christoper
2 years ago
I agree, I think D) Oligopoly makes more sense with the 'few sellers' description.
JO
Johnathon
2 years ago
Let's go with D) Oligopoly then. Hopefully, we got it right!
JI
Jina
2 years ago
Yeah, I agree. The 'few sellers' part definitely points towards Oligopoly.
BE
Bethanie
2 years ago
I think you're right, D) Oligopoly does seem to fit the description better.
CA
Carma
2 years ago
I'm going with C) Monopoly. When there's only one seller controlling the price, that's a monopoly, right? Seems like the most obvious choice here.
KE
Kenneth
2 years ago
I agree, when there's only one seller in control, it's definitely a monopoly.
RE
Reta
2 years ago
I think you're right, C) Monopoly does sound like the best choice here.
SH
Sherell
2 years ago
I believe it's D) Oligopoly because there are few sellers controlling the market.
RU
Ruby
2 years ago
I'm not sure, but I think it might be C) Monopoly.
KI
Kimbery
2 years ago
I agree with Krissy, an oligopoly fits the description.
AL
Alecia
2 years ago
Definitely D) Oligopoly. The description of few sellers and many buyers with price control by industry leaders or a cartel is a textbook definition of an oligopoly market structure.
MA
Mariko
2 years ago
Oligopoly makes sense in this scenario.
ED
Edward
2 years ago
I agree, it's definitely D) Oligopoly.
KR
Krissy
2 years ago
I think the answer is D) Oligopoly.