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Question : A market in which there are few number of large firms is called as

Option 1: Duopoly

Option 2: Competition

Option 3: Oligopoly

Option 4: Monopoly


Team Careers360 1st Jan, 2024
Answer (1)
Team Careers360 25th Jan, 2024

Correct Answer: Oligopoly


Solution : The correct answer is Oligopoly.

An oligopoly is a market of only a few significant enterprises. In an oligopoly, a few dominant companies control a portion of the market, have the power to set pricing and dominate the industry. Consumers may experience both advantages and disadvantages from oligopolies, which occasionally decrease competition and result in higher prices.

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