We refer to a situation in which a few large firms can effectively control their industry as a(n):
A)monopoly.
B)primary product.
C)favorable term of trade.
D)oligopoly.
E)export-oriented industry.

Question

Quizplus · Accepted Answer

An oligopoly refers to a market structure in which a few large firms dominate the industry and have significant control over the price and supply of goods and services. This can lead to reduced competition and potentially higher prices for consumers.

We Refer to a Situation in Which a Few Large