A market structure with only a few sellers, each offering similar or identical products, is known as
A)oligopoly.
B)monopoly.
C)monopolistic competition.
D)perfect competition.

Question

Quizplus · Accepted Answer

Oligopoly is characterized by a market structure where a small number of firms dominate the market, offering similar or identical products. This leads to a situation where each firm's decisions regarding prices, products, and strategies are interdependent on the actions of the other firms within the market.

A Market Structure with Only a Few Sellers, Each Offering