Question 1
The major distinguishing characteristic of oligopoly is that
◦ firms produce differentiated products.
◦ firms can influence the price of their product.
◦ entry into the industry easy.
◦ firms are interdependent.
Question 2
According to the Five Forces Model, ________ are the five competitive forces that determine the level of competition and profitability in an industry.
◦ rivals, buyers, suppliers, substitutes, and potential entrants
◦ rivals, consumers, labor, weather, and government
◦ buyers, suppliers, government, foreign competition, and weather
◦ None of these is correct.