An oligopoly is defined as an industry in which:
A) there are only a few firms.
B) each firm produces a slightly differentiated product.
C) firms follow price increases but not price decreases.
D) cartels are unlikely to appear.

Question

Quizplus · Accepted Answer

An oligopoly is characterized by a market structure where a small number of firms dominate the industry, leading to limited competition.

An Oligopoly Is Defined as an Industry in Which