Question

A market which is dominated by a small number of firms and together they control majority of the market share is called?

A Monopoly Correct Answer Incorrect Answer
B Oligopony Correct Answer Incorrect Answer
C duopoly Correct Answer Incorrect Answer
D Perfect Competition Correct Answer Incorrect Answer

Solution

Oligopoly markets are markets dominated by a small number of suppliers. They can be found in all countries and across a broad range of sectors. Some oligopoly markets are competitive, while others are significantly less so, or can at least appear that way.

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