The following are different market structures:
1. Monopoly
2. Perfect Competitions
3. Monopolistic Competition
4. Undifferentiated Oligopoly
5. Differentiated Oligopoly
-Refer to the above information to answer this question.What is the name of the market in which there are a few large sellers and the product is identical?

Question

Quizplus · Accepted Answer

The market structure that fits this description is undifferentiated oligopoly, where there are only a few large sellers and the product is identical. In a differentiated oligopoly, the product is differentiated or varied among the few large sellers. Monopoly is a market with only one seller, while perfect competition is a market with many small sellers and a homogeneous product. Monopolistic competition has many small sellers but differentiated products.

The Following Are Different Market Structures