Question

1. List two characteristics of an oligopolistic industry.

Answer 1

[AI-generated answer — Bot GPT 3.5]

1. Limited number of firms: In an oligopolistic industry, there are only a few large firms that dominate the market.

2. Interdependence: Firms in an oligopoly are interdependent, meaning that the actions of one firm can have a direct impact on the others in terms of pricing, production, or marketing strategies.