/ Quiz /

Which of the following best describes a situation where an oligopoly exists?

  • Question 5c of 10 - Market structures

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following best describes a situation where an oligopoly exists?
  • Answers:
  1. A small number of producers command nearly the entire market for a certain good or service.
  2. Many producers are selling slightly differentiated products that are close substitutes of each other.
  3. A large number of businesses are selling identical products to a wellinformed customer base.
  4. A single producer is the only one selling a good or service with no close substitutes.

The correct answer is: A small number of producers command nearly the entire market for a certain good or service. Oligopoly is characterized by a high level of market concentration in a few hands.

      2 total views, 1 views today

Related quizzes


Leave a replyYour email address will not be published. Required fields are marked *