An oligopoly is an industry market structure with
A) a single firm in which the entry of new firms is blocked.
B) a small number of firms each large enough to impact the market price of its output.
C) many firms each able to differentiate their product.
D) many firms each too small to impact the market price.

Question

Quizplus · Accepted Answer

An oligopoly is characterized by a small number of firms that are large enough to influence the market price of their products. This market structure allows these firms to have significant control over their pricing and output decisions, unlike in perfect competition where many firms have no control over the market price.

An Oligopoly Is an Industry Market Structure with