A defining characteristic of an oligopolistic market is that there are
A) many buyers.
B) few buyers.
C) few sellers.
D) many sellers.

Question

Quizplus · Accepted Answer

An oligopolistic market is characterized by a few sellers. This means that a small number of firms dominate the market and have significant market power, enabling them to influence prices, control supply, and engage in non-price competition. The presence of a small number of firms also means that each firm's actions can have a significant impact on the market and on the other firms in the industry.

A Defining Characteristic of an Oligopolistic Market Is That There