An oligopoly is characterized by few firms in a market with barriers to entry.

If firms could not advertise their products in any way other than to present the physical characteristics and facts pertaining to the product,

Compared with a perfectly competitive market, a monopolistically competitive firm’s demand curve is

When increasing size leads to lower per unit costs, we say there are diseconomies of scale.

If a firm were to set its price by determining the average cost of an item and then adding some percentage markup to the cost, it would be practicing cost-plus pricing.

A cartel attempts to increase profits in the industry by limiting the production of each member.

The number of firms in an oligopoly industry must be small enough that firms are interdependent in decision making.

Unlike perfectly competitive firms, monopolistically competitive firms are facing upward-sloping demand curve.

If a firm can limit competition, it will likely be able to charge higher prices.

If a firm set its price by determining the average cost of an item and then adding some percentage markup to the cost, it would be practicing cost-plus pricing.