Question

Which of the following is most likely to be an oligopolist (a firm competing in the market structure known as oligopoly)?

		One of many salons in town
		A small wheat farmer who is a "price taker"
		One of only a few major video game console companies in a market, like Sony
		The only electric utility company serving a city, like MG&E

Answer 1

Option 3

One of only a few major video game console companies in a market, like Sony

The oligopolist market has few firms which dominate the market and decides price and quantity by the interdependence on each other, the price taker is a perfectly competitive firm and one firm in a market is the monopoly market.