Oligopoly means:___________?
Correct answer: B. Monopoly shared by few large sellers
- A. Business by rich people
- B. Monopoly shared by few large sellers
- C. Just one supplier of an item
- D. None of the above
Explanation
An oligopoly is a market in which a small number of large firms supply most of the product, so each firm’s decisions affect the others. A market with only one supplier is instead a monopoly.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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