An industry with only two firms is generally called:
A)a monopoly.
B)monopolistic competition.
C)a duopoly.
D)perfect competition.

Question

Quizplus · Accepted Answer

A duopoly is a market condition in which there are only two suppliers for a particular good or service. Therefore, an industry with only two firms is generally called a duopoly. A monopoly is a market condition in which there is only one supplier for a particular good or service. Monopolistic competition and perfect competition are market conditions with more than two firms.

An Industry with Only Two Firms Is Generally Called