What is the term for an industry characterized by relatively few firms controlling most of the production and sale of a product or service?
A) oligopoly
B) perfect competition
C) monopolistic competition
D) oligarchy

Question

Quizplus · Accepted Answer

An oligopoly is a market structure in which a small number of firms dominate the market and control the majority of the production and distribution of a good or service. This gives them significant market power, allowing them to influence prices and other market conditions.

What Is the Term for an Industry Characterized by Relatively