Question

When an oligopoly exists, how many producers dominate the market?
none
one
a few
many

Answer 1

Answer:

A few

Explanation:

Oligopoly literally means on Greek few sellers (olígoi polités ). It is a market that has a few main big producers and sellers who dominate the market.

They are a small number of firms that have complete influence on the market and large production.

There is no upper number of producers on the market for the definition of oligopoly, but it shouldn't be too big as the influence of a few big sellers must remain strong.

Answer 2

There are few producers who dominate the market in a Oligarchy setting.

What is an Oligopoly market?

An oligopoly market refers to a market of few sellers. It is a market that has a few main big producers and sellers who dominate the market.

In this market, there are a small number of firms that have complete influence on the market and large production.

Therefore, the Option C is correct.

Read more about Oligopoly market

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