a. The most common reason that oligopolies exist is
diminishing marginal returns.
economies of scale.
regulation.
there are a large number of firms.
b. Which of the following are products or services of oligopolists that you regularly purchase or own?
Automobiles, personal computers, and gasoline
Clothing stores, office supplies, and personal computers
Refrigerators, bakery goods, and courier services
Ovens, refrigerators, and hair salon services
c. Oligopoly differs from monopolistic competition in that oligopoly
the firms have relatively easy entry.
has many firms, whereas monopolistic competition has few firms.
the firms are not mutually interdependent with regard to price.
has few firms, whereas monopolistic competition has more firms.
Homework Answers
a. Economies of scale
b. Automobiles, personal computers, and gasoline
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