Answer:
Price takers
marginal cost curve equal their supply curve
Explanation:
An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.
Oligopolies are characterised by:
price setting firms
product differentiation
profit maximisation
high barriers to entry or exit of firms
downward sloping demand curve
The firm that sets the market price in an oligopoly is known as the price setter while the firms that accepts the price set are known as the price takers
