What is an oligopoly? A. A situation in which one seller controls the supply of a...

What is an oligopoly?

	A.	A situation in which one seller controls the supply of a product or service.
	B.	A situation in which numerous sellers have similar or identical products and services.
	C.	A situation in which there is one seller created by government edict because competition would be wasteful in its duplication of resources.
	D.	A situation in which few sellers control the majority of the supply of a product or service.
	E.	A situation in which, as consumption increases for a specific product or service, the per unit power of the product to satisfy a human want decreases.

Expert Solution

Option D

A situation in which few sellers control the majority of the supply of a product or service

The oligopoly is a market where supply or production is controlled by few firms or sellers and the product is identical or differentiated or both.

Rahul Sunny answered 3 years ago

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