oligopoly is a market structure characterized by: a a large number of small firms. b regulated natural monopolies. c independence in decision making. d strategic behavior between rival firms. e substantial diseconomies of scale.

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26-10-2022
Business

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oligopoly is a market structure characterized by: a a large number of small firms. b regulated natural monopolies. c independence in decision making. d strategic behavior between rival firms. e substantial diseconomies of scale.

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qwapple qwapple · Answer 1 · 2022-10-28T11:32:19-04:00

Oligopoly is a market structure characterized by strategic behavior between rival firms.

One or a small number of businesses control the market in an oligopoly. A market is considered highly concentrated when it is dominated by a small number of companies.

Even though a small number of companies control the industry, several small businesses could also be active there. The automobile business, gas station retail, pharmaceutical industry, coffee shop retail, and airlines are a few instances of oligopolies.

A small number of very large corporations dominate each of these industries. Major airlines like British Airways(BA) and Air France frequently operate their routes with only a few close competitors when it comes to the air travel business, but there are also numerous tiny airlines that cater to tourists or provide specialised services.

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