In a given national market, only five firms make and distribute little red wagons. This illustrates which degree of competition?
A) Monopoly
B) Selective competition
C) Oligopoly
D) Monopolistic competition
E) Perfect competition

Question

Quizplus · Accepted Answer

An oligopoly is a market structure in which a small number of firms dominate the market. In this case, only five firms are producing and selling the product, making it an oligopoly.

In a Given National Market, Only Five Firms Make and Distribute