The type of industry in which there are a few firms and each of these firms reacts to the other firms' moves is called
A)monopoly.
B)oligopoly.
C)monopolistic competition.
D)pure competition.
E)competition.

Question

Quizplus · Accepted Answer

An oligopoly is a market structure in which a small number of large firms dominate the market, and each firm observes and reacts to the actions of its competitors. This leads to interdependence among the firms, as they must consider how their actions might affect their competitors and how their competitors might respond.

The Type of Industry in Which There Are a Few