Multiple choice

Which of the following is the basic characteristic of Oligopoly?

  1. a few sellers, one buyer

  2. a few sellers, many buyers

  3. a few sellers, a few buyers

  4. many sellers, few buyers

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

An oligopoly is a market structure characterized by a small number of large firms (sellers) dominating the market, while there are many buyers.