In which market form, a market or industry is dominated by a few firms?
(A) Perfect Competition
(B) Monopoly
(C) Oligopoly
(D) Monopolistic
Correct Answer : Oligopoly
Question Asked : SSC CGL Tier-I (CBE) Exam 2017
Explanation : An oligopoly market structure characterized by a small number of large firms that dominate the market, selling either identical or differentiated products, with significant barriers to entry into the industry. This is one of four basic market structures. Oligopolies can result from various forms of collusion which reduce competition and lead to higher prices for consumers.
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Tags : Microeconomics