Bigbux is a major producer of Whatsits,but it faces competition in the Whatsit market from three other major producers.Together,Bigbux and its three large rivals control almost the entire supply of Whatsits.The type of market Bigbux is in is called:
A)oligopoly.
B)duopoly.
C)monopolistic competition.
D)quasi-monopoly.

Question

Quizplus · Accepted Answer

An oligopoly is a market structure in which a small number of firms dominate the market. In this scenario, Bigbux and its three rivals control almost the entire supply of Whatsits, indicating a concentration of market power among a small number of firms, which fits the definition of an oligopoly.

Bigbux Is a Major Producer of Whatsits,but It Faces Competition