In a(n) ________ market structure, a small group of companies share pricing power sufficient to set the marketplace price for their products or services.
A) monopoly
B) oligopoly
C) monopolistic competition
D) pure competition
E) natural competition

Question

Quizplus · Accepted Answer

An oligopoly market structure is characterized by a small group of companies that have significant control over the market and are able to set prices for their products or services. This is often due to high barriers to entry, such as large capital requirements or strict regulations, which limit competition. Examples of industries that are often considered oligopolies include airlines, telecommunications, and automotive manufacturers.

In A(n) ________ Market Structure, a Small Group of Companies