Which of the following occurs when only a few firms providing a particular product or service dominate a market?
A)Duopoly
B)Monopsony
C)Oligopoly
D)Monopoly
E)Oligopsony

Question

Quizplus · Accepted Answer

When only a few firms dominate a market, it is called an oligopoly. This means that the market is driven by only a few firms that have a significant influence over prices and other market factors. A duopoly would occur if only two firms dominate the market, and a monopoly would occur if only one firm dominates the market. A monopsony occurs when there is only one buyer of a particular product or service in the market, and an oligopsony occurs when only a few buyers dominate the market.

Which of the Following Occurs When Only a Few Firms