A market situation in which only a small number of mutually interdependent, rival sellers exists is known as a(n)

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An oligopoly market is characterized by a small number of rival firms that are interdependent in terms of their pricing and output decisions. This market structure is different from a monopoly market where there is only one dominant firm or a competitive price-taker market where there are many small firms that do not have market power. A competitive price-searcher market is a type of market where firms have some ability to set prices, but there are many firms in the market, so it is more competitive than an oligopoly market.

A Market Situation in Which Only a Small Number of Mutually