A market which has relatively few sellers, homogeneous products, and fairly inelastic industry demand is an example of a(an) ______________ market situation.
A) pure competition
B) monopolistic competition
C) oligopoly
D) monopoly
E) Any of the above.

Question

Quizplus · Accepted Answer

This is because an oligopoly market has relatively few sellers, homogeneous products, and inelastic industry demand. In an oligopoly, the small number of firms in the market have significant control over price and output, making it difficult for new competitors to enter the market.

A Market Which Has Relatively Few Sellers, Homogeneous Products, and Fairly