"Duopoly" is
A) another name for monopoly.
B) a special type of monopolistic competition.
C) a two-firm oligopoly.
D) a game with three players.
E) the situation when a firm sets a duo (two) of different prices for its customers.

Question

Quizplus · Accepted Answer

Duopoly refers to a market structure with only two dominant firms, which is a type of oligopoly. It is different from monopoly, which involves only one dominant firm. It is also distinct from monopolistic competition, which involves many firms selling differentiated products. A game with three players would not be a duopoly. Setting two different prices for customers is not necessarily a defining characteristic of duopoly.

"Duopoly" Is