Bigbux is a major producer of whatsits,but it faces competition in the whatsit market from three other major producers.Together,Bigbux and its three large rivals control almost the entire supply of whatsits.The type of market Bigbux is in is called:

Question

Quizplus · Accepted Answer

An oligopoly is a market structure where there are few large firms that dominate the market. In this case, there are four major producers of whatsits and together they control almost the entire supply, which fits the definition of an oligopoly. The other options (B, C, D) are not as appropriate: a duopoly involves only two firms, monopolistic competition involves many small firms with differentiated products, and a quasi-monopoly is not a commonly used term in economics.

Bigbux Is a Major Producer of Whatsits,but It Faces Competition