An oligopoly is a market structure in which there are
A) many sellers selling a differentiated product.
B) only a few buyers but many sellers.
C) only a few sellers selling either an identical or differentiated product.
D) a few products sold by many sellers.

Question

Quizplus · Accepted Answer

An oligopoly is characterized by a market structure where a small number of firms dominate the market, and these firms can sell products that are either identical or differentiated. This structure contrasts with perfect competition (many sellers, identical products), monopolistic competition (many sellers, differentiated products), and monopoly (one seller).

An Oligopoly Is a Market Structure in Which There Are