Question

1. which are features of an oligopoly? high barriers to entry identical products with no differentiation complete absence of competition few sellers dominate the market 4. what does absolute advantage mean? producing more efficiently than another country restricting trade with barriers producing at a lower opportunity cost having the largest amount of exports

Explanation:

• For question 3: Oligopoly has high barriers to entry preventing new - comers, and a few sellers dominate the market. Products can be differentiated or not, and there is competition among the few sellers.
• For question 4: Absolute advantage means a country can produce a good more efficiently (using fewer resources) than another country.

Answer:

1. High barriers to entry, Few sellers dominate the market
2. Producing more efficiently than another country