In: Economics
What is an oligopoly?
A. |
A situation in which one seller controls the supply of a product or service. |
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B. |
A situation in which numerous sellers have similar or identical products and services. |
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C. |
A situation in which there is one seller created by government edict because competition would be wasteful in its duplication of resources. |
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D. |
A situation in which few sellers control the majority of the supply of a product or service. |
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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. |
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.