Henry ventures into a new business with few competitors and requires a huge investment.Soon after entering the business,one of Henry's competitors introduces a price cut that forces Henry to reduce the prices of his products as well.In this scenario,Henry has ventured into _____.

Question

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Henry has ventured into an oligopoly, which is characterized by a few competitors and significant barriers to entry, such as high investment costs. The price cut by a competitor and Henry's subsequent need to reduce prices is typical of the interdependent nature of firms in an oligopoly.

Henry Ventures into a New Business with Few Competitors and Requires