Under oligopolistic competition ________.
A) the market consists of a single dominant seller
B) the market consists of numerous small sellers
C) the market consists of many buyers and sellers who trade over a range of prices rather than a single market price
D) sellers are typically unresponsive to competitors' pricing strategies and marketing moves
E) the market consists of only a few large sellers

Question

Quizplus · Accepted Answer

Oligopolistic competition refers to a market structure where a small number of firms dominate the market. These firms independently determine the price of the product, and their pricing decisions usually have a significant impact on their competitors. Therefore, the correct choice is E, which states that the market consists of only a few large sellers.

Under Oligopolistic Competition ________