Question

When the number of competitors in a market is small, and competitors influence each other through production and pricing decisions, a situation known as ________ is created.
Question 1 options:

A)

monopolistic competition

B)

oligopoly

C)

duopoly

D)

pure competition

E)

monopoly

Answer 1

When there are fewer competitors so that market we called that oligopoly.

The information with respect to the oligopoly is as follows:

• In this, there are a few firms that are independent for pricing.
• Due to this, they have sufficient some kind of market power.
• Also, the pricing and production decisions should be impacted.

Therefore we can conclude that when there are fewer competitors so that market we called that oligopoly.

Learn more about the market here: brainly.com/question/13414268