An oligopoly is a market situation where there are only a few sellers of a good or service.

Question

Quizplus · Accepted Answer

An oligopoly is a market structure where a small number of firms control a majority of the market. This typically results in less competition and the potential for higher prices due to the limited options available to consumers. Examples of industries that often exhibit oligopolistic competition include telecommunications, banking, and the automobile industry.

An Oligopoly Is a Market Situation Where There Are Only