A "Duopoly" is:
A)The closest structure to Imperfect competition
B)When there are essentially only two competitors in an industry.
C)The closest structure to Perfect competition
D)When a firm has a monopoly in two industries at the same time.

Question

Quizplus · Accepted Answer

A duopoly is a market structure where there are only two competitors in an industry. This is different from perfect competition, where there are many small competitors, and from a monopoly, where there is only one dominant firm. Duopolies can be characterized by intense competition and strategic interactions between the two firms. It is considered as one of the imperfect competition structures.

A "Duopoly" Is