We refer to a situation in which a few large firms can effectively control their industry as a(n):
A)monopoly.
B)primary product.
C)favorable term of trade.
D)oligopoly.

Question

Quizplus · Accepted Answer

An oligopoly refers to a market structure in which a few large firms dominate the industry and can exercise significant control over the market. This may result in limited competition, higher prices, and barriers to entry for new firms.

We Refer to a Situation in Which a Few Large