Oligopoly means _________

Assessment: JAMB UTME - Economics - 2021 Subject: Economics

Question 1 Report

Oligopoly means _________
Answer Details
Oligopoly means that there are few sellers in the market. This market structure is characterized by a small number of large firms that dominate the market and have the ability to influence the market price of goods or services. These firms often engage in strategic behavior, such as price-fixing or colluding, to maintain their market power and maximize their profits.
Read lesson note on Market Structure (JAMB)
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