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MMLU-Pro / 6871 / Suppose we are told that an industry is composed of a small number of firms. Can…

Problem

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question

Suppose we are told that an industry is composed of a small number of firms. Can we immediately call this industry oligopolistic? Explain.

category

economics

options

  1. An oligopoly is determined solely by the size and number of firms, without considering market dynamics or inter-firm interactions.
  2. An oligopoly is indicated by the presence of only government-owned firms in a market.
  3. An oligopoly exists when each firm in an industry must contemplate the possible reactions of its rivals in deciding its own behavior.
  4. An oligopoly exists when there are few sellers.
  5. An oligopoly refers to an industry dominated by a single firm.
  6. An oligopoly is present when firms are price takers and have no control over the market price of their goods.
  7. An oligopoly is characterized by many small firms that each hold a negligible fraction of the market share.
  8. An oligopoly is defined by having a single firm with significant market power, while the rest have very little influence.
  9. An oligopoly exists when there are many sellers in a market, each with a differentiated product.
  10. An oligopoly is defined by the number of firms in an industry.

src

stemez-Economics

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Source and history

upstream_id / Original problem ID
6871
task_id
87f140d9-b3d1-51a8-92c2-2a896444d4c5
task_key
default--test--6871
task_revision_id
1
config / split
default / test

Official source

initial import