A duopoly is
A)a cartel in which all members try to cheat on the cartel.
B)an industry with only two sellers.
C)an industry with only two buyers.
D)a cartel with only two members.

Question

Quizplus · Accepted Answer

A duopoly is an industry structure where there are only two sellers of a particular product or service. This differs from a cartel, which is an organization of multiple sellers who work together to control prices and supply in a particular market. Additionally, a duopoly could also exist in a market where there are only two dominant buyers, but this is less common.

A Duopoly Is