Question

Which example illustrates an oligopoly market structure in early American history?A)Two cobblers in town control the shoe making business.EliminateB)All imports to the Thirteen Colonies came from England.C)Merchants offered a variety of local products for sale.D)Artisans exchanged finished goods for produce from farmers.

Answer 1

Correct answer choice is:

A) Two cobblers in town control the shoe making business.

Explanation:

An oligopoly is a business structure in which a few companies or organizations control. When a business is distributed between a few firms, it is said to be extremely intensive. Although just a few firms control, it is probable that many small firms may also perform in the market. The auto industry is another example of an oligopoly.