Part 1What are the two distinguishing characteristics of oligopoly? Part 1The two distinguishing characteristics of oligopoly are _______. A. no barriers prevent the entry of new firms, and a large number of firms compete B. natural or legal barriers prevent the entry of new firms, and a large number of firms compete C. natural or legal barriers prevent the entry of new firms, and a small number of firms compete D. no barriers prevent the entry of new firms, and a small number of firms compete

Question

Part 1What are the two distinguishing characteristics of​ oligopoly? Part 1The two distinguishing characteristics of oligopoly are​ _______. A. no barriers prevent the entry of new​ firms, and a large number of firms compete B. natural or legal barriers prevent the entry of new​ firms, and a large number of firms compete C. natural or legal barriers prevent the entry of new​ firms, and a small number of firms compete D. no barriers prevent the entry of new​ firms, and a small number of firms compete

BlackTom AI · Accepted Answer

First, let's restate the question and options to ground our discussion: The question asks for the two distinguishing characteristics of oligopoly, and the options present various pairings of barriers to entry and the number of firms. 
Option A: 'no barriers prevent the entry of new firms, and a large number of firms compete.' This description actually matches perfect competition more closely. In an oligopoly, there are barriers to entry, and there are relatively few firms, not a large number. The claim of no barriers and many firms makes this option incorrect.
Option B: 'natural or legal barriers prevent the entry of new firms, and a large number of firms compete.' Here we correctly identify barriers to entry, but the number of firms is mischaracterized. An oligopoly is defined by a small number of firms, not a large number, so this option is inaccurate.
Option C: 'natural or legal barriers prevent the entry of new firms, and a small number of firms compete.' This aligns with the standard description of an oligopoly: significant barriers to entry (natural or legal) and a handful of firms dominating the market. The combination of barriers and a few firms is the hallmark of oligopoly, making this option the correct one.
Option D: 'no barriers prevent the entry of new firms, and a small number of firms compete.' While the small number of firms matches oligopoly, the absence of barriers to entry does not. Oligopolies typically arise precisely because barriers limit entry, so this option is inconsistent with the defining characteristics.
In summary, the key misconceptions in A and B revolve around the wrong count of firms and/or the presence or absence of barriers, while D incorrectly negates barriers. The accurate pairing—barriers to entry and a small number of firms—is captured only in option C, which matches the established understanding of oligopoly structure.

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