When only a small number of producers compete with each other, it is a defining characteristic of
A) monopolistic competition.
B) efficient competition.
C) oligopoly.
D) inelastic supply.

Question

Quizplus · Accepted Answer

Oligopoly is characterized by a market structure in which a small number of firms have the majority of market share. These firms typically have significant control over pricing and high barriers to entry for new competitors.

When Only a Small Number of Producers Compete with Each