Oligopoly is a market structure in which
A) many firms each produce a slightly differentiated product.
B) one firm produces a unique product.
C) a small number of firms compete.
D) many firms produce an identical product.
E) the number of firms is so small that they do not compete with each other.

Question

Quizplus · Accepted Answer

Oligopoly is a market structure characterized by a small number of firms that dominate the market. These firms have a significant impact on the market and face limited competition from other firms. In an oligopolistic market, a small number of large firms compete with each other, each trying to gain an advantage in the market. The products or services may be similar or differentiated, but the key factor is that there are only a few dominant players in the market.

Oligopoly Is a Market Structure in Which