What is an oligopoly
A)a market in which there are only a few sellers, each offering a product similar or identical to the others
B)a market in which firms are price takers and do not advertise
C)a market in which firms are price takers and advertise
D)a market in which the actions of one seller in the market have no impact on the other sellers' profits

Question

Quizplus · Accepted Answer

An oligopoly is a market structure in which there are only a few large firms or sellers, each offering a product that is either identical or similar to the others. The key feature of an oligopoly is interdependence, meaning that the actions of one firm affect the market and the profits of other firms. This can lead to strategic behavior and competition between the few firms in the market.

What Is an Oligopoly