Reality Entertainment,Inc is a major producer of reality TV programming.The company faces fierce competition from three other major producers of similar shows.Together,Reality Entertainment and its three rivals control almost the entire reality TV programming.Their market environment is called:

Question

Quizplus · Accepted Answer

An oligopoly is a market environment in which a small number of companies or producers control the majority of the market share. In this scenario, Reality Entertainment and its three rivals control almost the entirety of the reality TV programming, suggesting an oligopolistic market structure. None of the other options are a good fit as they do not accurately describe the scenario presented (duopoly implies there are only two major players, monopolistic competition suggests there are many smaller players in the market, and quasi-monopoly is not a commonly used term in economics).

Reality Entertainment,Inc Is a Major Producer of Reality TV Programming