The term oligopoly indicates

Question

Quizplus · Accepted Answer

Oligopoly refers to a market structure where a small number of firms control a significant portion of the market. These firms may produce either a differentiated or homogeneous product. Option A, a one-firm industry, is a monopoly. Option B, many producers of a differentiated product, refers to monopolistic competition. Option D, a low four-firm concentration ratio, does not necessarily indicate an oligopoly, as the concentration ratio only measures the market share of the top four firms in an industry.

The Term Oligopoly Indicates