Question : In which market form a market or an industry is dominated by a few firms?
Option 1: Perfect competition
Option 2: Monopoly
Option 3: Oligopoly
Option 4: Monopolistic
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Correct Answer: Oligopoly
Solution : The correct answer is Oligopoly .
An oligopoly is a market or industry dominated by a few enterprises. In an oligopoly, a limited number of companies produce a comparable product or service. An oligopoly's companies are interconnected, which means their price and output decisions impact each other. Oligopolies can form as a result of a variety of circumstances, including economies of scale, significant entry barriers, and government regulation.
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