1. Which would be most characteristic of oligopoly?
a. easy entry into the industry
b. many large producers
c. product standardization
d. mutual interdependence
2. Under monopolistic competition entry to the industry is:
a. completely free of barriers.
b. more difficult than under perfect competition but not nearly as difficult as under monopoly.
c. more difficult than under monopoly.
d. blocked.
3. Oligopolistic industries are characterized by:
a. a few dominant firms and substantial entry barriers.
b. a few dominant firms and no barriers to entry.
c. a large number of firms and low entry barriers.
d. a few dominant firms and low entry barriers.