Oligopoly is a situation when there
A) is one firm in the industry that is fairly large.
B) are a few large firms in the industry.
C) are too many firms in the industry and there is excess capacity.
D) is one giant firm and many smaller firms forming a competitive fringe.

Question

Quizplus · Accepted Answer

An oligopoly is a market structure where there are only a few large firms that dominate the market. These firms have significant market power and can influence the price and supply of goods and services. This is different from a monopoly, where there is only one dominant firm, and perfect competition, where there are many small firms.

Oligopoly Is a Situation When There