ECONOMICS
MARKETS AND PRICES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An industry that is dominated by a few large firms is ____
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An oligopoly
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A monopoly
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A competitive market
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None of the above
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Explanation:
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.
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