Markets with only a few sellers, each offering a product similar or identical to the others, are typically referred to as:
A)monopolistically competitive markets
B)oligopoly markets
C)monopoly markets
D)competitive markets

Question

Quizplus · Accepted Answer

Markets with only a few sellers, each offering a product similar or identical to the others, are typically referred to as oligopoly markets. In these markets, the behavior of one seller can have a significant impact on the others, and firms often engage in strategic behavior to gain an advantage over their rivals. This is in contrast to monopolistically competitive markets, where there are many sellers offering differentiated products, and competitive markets, where there are many small firms offering homogeneous products. Monopoly markets have only one seller and no close substitutes.

Markets with Only a Few Sellers, Each Offering a Product