In the market for breakfast cereals,only a few large producers dominate the market.This situation best describes which of the following?
A) oligopoly
B) pure competition
C) monopolistic competition
D) monopoly

Question

Quizplus · Accepted Answer

An oligopoly is a market structure where only a few large firms dominate the market. In this case, the fact that only a few large producers dominate the breakfast cereal market suggests that it is an oligopoly.

In the Market for Breakfast Cereals,only a Few Large Producers