The market structure that is characterized by a small number of large firms that have some market power is called:
A)perfect competition.
B)monopolistic competition.
C)oligopoly.
D)monopoly.

Question

Quizplus · Accepted Answer

An oligopoly is a market structure characterized by a small number of dominant firms that have significant market power, which allows them to influence prices and control the market to some extent. The other options, perfect competition, monopolistic competition, and monopoly, do not involve a small number of firms with market power.

The Market Structure That Is Characterized by a Small Number