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      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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