A(n)__________ refers to a small number of companies that dominate the business and are making large margins.
A)autopoly
B)minopoly
C)monopoly
D)oligopoly

Question

Quizplus · Accepted Answer

Oligopoly refers to a market structure where a small number of firms dominate the industry and can exert some market power to influence prices and control the supply of goods or services. In an oligopoly, these firms can make large margins due to the lack of competition, which can lead to higher prices for consumers. This is not the case in a monopoly (C), where there is only one dominant firm in the industry. Autopoly (A) and Minopoly (B) are not commonly used terms in economics.

A(n)__________ Refers to a Small Number of Companies That Dominate