Answered

Which of the following best
describes an oligopoly?
A. a market with low barriers to
high competition
B. a market with few suppliers for a certain
good or service
C. a market with only one supplier for a
certain good or service
D. a market with many suppliers of a certain
good or services

Verified Answer :

GinnyAnswer

Final answer:

An oligopoly is a market structure with a small number of suppliers and high barriers to entry, where firms strategically compete to maximize profits.


Explanation:

Oligopoly is a market structure characterized by a small number of suppliers offering similar products, with high barriers to entry. In an oligopoly, firms closely monitor and react to competitors' actions, making strategic decisions on pricing, quantities, and advertising to maximize profits.


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