Charcos Oil is an oil marketing company.The company has only three competitors in the country where it operates and has formed an agreement with the competitors to fix the prices of their offerings.This move was essential because of the price sensitivity of the oil market. The market in which Charcos Oil competes exemplifies _____.
A) perfect competition
B) duopoly
C) monopoly
D) oligopoly
Correct Answer:
Verified
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