A market structure characterized by a small number of interdependent sellers is called a(n)
A) monopoly.
B) monopolistic competition.
C) monopsony.
D) oligopoly.

Question

Quizplus · Accepted Answer

An oligopoly is a market structure in which a small number of firms dominate the market and are interdependent on each other's actions. In other words, each firm's actions affect the other firms and their decisions. This can lead to collusion or non-collusive behavior, such as price-fixing or strategic pricing. Therefore, an oligopoly is characterized by a few interdependent sellers.

A Market Structure Characterized by a Small Number of Interdependent