Suppose two firms dominate a market and control price and output.This type of market is called:

Question

Quizplus · Accepted Answer

A duopoly is a market structure where two firms dominate and control the price and output in the market. This is the best choice because it accurately describes the scenario given in the question. A monopoly occurs when only one firm dominates the market, and monopolistic competition occurs when there are many firms selling differentiated products. An oligopoly is a market structure where a few firms dominate the market, but it does not necessarily imply that they control the price and output.

Suppose Two Firms Dominate a Market and Control Price and Output.This