Question : A market in which there are few number of large firms is called as
Option 1: Duopoly
Option 2: Competition
Option 3: Oligopoly
Option 4: Monopoly
Correct Answer: Oligopoly
Solution : The correct answer is Oligopoly.
An oligopoly is a market of only a few significant enterprises. In an oligopoly, a few dominant companies control a portion of the market, have the power to set pricing and dominate the industry. Consumers may experience both advantages and disadvantages from oligopolies, which occasionally decrease competition and result in higher prices.
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