In a(n) ________ structure, there are a relatively small number of sellers, each holding substantial market share, in a market with many buyers.
A) monopoly
B) oligopoly
C) monopolistic competition
D) perfect competition
E) natural competition

Question

Quizplus · Accepted Answer

An oligopoly structure is characterized by few sellers, each having a significant share of the market, and many buyers. In this structure, firms have the ability to influence prices and control supply. Monopoly refers to a single seller, perfect competition has many buyers and sellers with no firm having market power, monopolistic competition has many sellers with differentiated products, and natural competition is not a recognized economic structure.

In A(n) ________ Structure, There Are a Relatively Small Number