BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
A competitive market
|
|
|
A monopoly
|
|
|
An oligopoly
|
Detailed explanation-1: -An oligopoly (from Greek , oligos “few” and , polein “to sell") is a market structure in which a market or industry is dominated by a small number of large sellers or producers. Oligopolies often result from the desire to maximize profits, which can lead to collusion between companies.
Detailed explanation-2: -An oligopoly refers to a market structure that consists of a small number of firms, who together have substantial influence over a certain industry or market.
Detailed explanation-3: -Some examples of oligopolies include the car industry, petrol retail, pharmaceutical industry, coffee shop retail, and airlines. In each of these industries, a few large companies dominate.
Detailed explanation-4: -A dominant firm is one which accounts for a significant share of a given market and has a significantly larger market share than its next largest rival. Dominant firms are typically considered to have market shares of 40 per cent or more.