If a market is dominated by a few large,interdependent firms,it is said to be a(n)
A)oligopoly
B)monopoly
C)integrated monopoly
D)monopolistically competitive market
E)perfectly competitive market

Question

Quizplus · Accepted Answer

A market that is dominated by a few large, interdependent firms is known as an oligopoly. These firms have significant market power, and their decisions and actions can impact the entire industry. The interdependence between firms can lead to collusion or game theory strategies that can affect prices and output levels. In contrast, a monopoly involves a single firm with complete control over the market, while a monopolistically competitive market features many small firms with differentiated products. A perfectly competitive market has many small firms all producing the same product, with no individual firm having market power. An integrated monopoly is not a recognized market structure.

If a Market Is Dominated by a Few Large,interdependent Firms,it