An oligopoly is a market structure in which:
A) one firm has 100 per cent of a market.
B) there are many small firms.
C) there are many small firms with no control over price.
D) there are few firms selling either a homogeneous or differentiated product.

Question

Quizplus · Accepted Answer

An oligopoly is a market structure with few firms selling either a homogeneous or differentiated product. It is characterized by a high degree of interdependence among the firms, making strategic decision-making important for each firm's success. Options A, B, and C do not accurately describe an oligopoly.

An Oligopoly Is a Market Structure in Which