We refer to a market dominated by a small number of firms as a/an:

Question

Quizplus · Accepted Answer

An oligopoly is a market structure in which there are only a few firms that dominate the market. This type of market structure can be characterized by barriers to entry and exit, interdependence among firms, and the potential for collusion or competition. Examples of industries with oligopolistic structures include telecommunications, airlines, and automobile manufacturers. Monopoly refers to a market structure in which there is only one firm that controls the market, while oligarchy refers to a form of government in which a small group of people hold all the power. Panopoly is not a commonly used term in economics.

We Refer to a Market Dominated by a Small Number