1. All of the following are characteristics of an oligopoly EXCEPT

A) price searcher.
B) few sellers.
C) easy entry and exit.
D) barriers to entry.
E) high fixed costs.

2. Which of the following entities would be closest to being an oligopoly?

A) local farmer.
B) city electric company.
C) fast food franchise.
D) mom and pop clothing store.
E) father and son auto repair shop.

3. An oligopolist

A) never advertises.
B) advertises only on a local basis.
C) takes the industry price.
D) colludes with competitors.
E) competes through product differentiation.