Duopoly refers to a market structure where there are only two dominant firms that compete with each other. It is a type of oligopoly, which is a market structure characterized by a small number of large firms dominating the market. Therefore, option D, which describes a two-firm oligopoly, is the best answer.

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'Duopoly' Is

Question 18

Multiple Choice

'Duopoly' is

A) another name for monopoly.
B) a game with three players.
C) a special type of monopolistic competition.
D) a two-firm oligopoly.
E) the situation when a firm sets a duo (two) of different prices for its customers.

Correct Answer: