Which firm would an economist most likely label as an oligopolist? Choose one: A. This firm is one of many successful pest exterminators in a small city. It competes with its rivals on price and service, but all of the firms' products are essentially the same. B. This firm is a grocery store in a rural town. The nearest other grocery store is 30 miles away. C. This firm is one of a handful of cement manufacturers in a small country. There are barriers to entry due to the necessity of controlling specific resources to make cement. D. This firm is in retail. It is one of the largest and most popular wholesale beauty supply stores in the country. It competes with many rivals, and there is intense price competition.

Question

26-05-2021
Business

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Which firm would an economist most likely label as an oligopolist? Choose one: A. This firm is one of many successful pest exterminators in a small city. It competes with its rivals on price and service, but all of the firms' products are essentially the same. B. This firm is a grocery store in a rural town. The nearest other grocery store is 30 miles away. C. This firm is one of a handful of cement manufacturers in a small country. There are barriers to entry due to the necessity of controlling specific resources to make cement. D. This firm is in retail. It is one of the largest and most popular wholesale beauty supply stores in the country. It competes with many rivals, and there is intense price competition.

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Answer:

C. This firm is one of a handful of cement manufacturers in a small country. There are barriers to entry due to the necessity of controlling specific resources to make cement.

Explanation:

An oligopoly is defined as a market situation where a few businesses exist in a given market, with none of them having ability to keep others from having significant influence.

A monopoly is when only one supplier exists in a market, a duopoly is when there are 2 suppliers, while an oligopoly is when number of supplier is more than 2.

But the number must be small enough that the actions by one firm significantly affects others.

When a firm is one of a handful of cement manufacturers in a small country, and there are barriers to entry due to the necessity of controlling specific resources to make cement. It is an oligopoly