TEST II. Multiple Choice. - Write the correct letter in the space provided. 1. Oligopoly is characterized by sellers in the market who make the product available for the consuming public. a. Very few b. many c. very many d. numerous 2. The degree of influence of sellers in an oligopoly in terms of the prices, quantity and quality of the products is known to be a. small or limited b. great or to a great extent c. varying depending on The industry d. very hard to determine 3. Occuring when business rivals cooperate in an oligopoly to achieve what is called a joint monopoly cooperative. a. cooperative b. cartel c. corporation d. competition 4. It occurs when a large number of sellers and procurers of a good are present in the market, making the goods almost always available. a. monopoly b. oligopoly c. perfect competition d. monopolistic competition 5. products are found in a perfect competition type of market structure. a. Heterogeneous b. Homogenous c. Different d. Branded