In which market structure are there a small number of firms competing?

Question

Quizplus · Accepted Answer

In an oligopoly market structure, there are a small number of firms competing, typically between 2 and 10 firms. This differs from monopolistic competition, where there are many firms competing, and perfect competition, where there are numerous small firms operating in the market. While a monopoly also involves a single firm operating in the market, it is not considered a small number of firms competing. Therefore, the best choice is B, only oligopoly.

In Which Market Structure Are There a Small Number of Firms