Question on: JAMB Economics - 2024
A market situation with few sellers and many buyers is called
A
duopoly
B
Omonopoly
C
perfect competition
D
oligopoly
Ask EduPadi AI for a detailed answer
Correct Option: D
An oligopoly is a market structure characterized by a few sellers and many buyers. The sellers in an oligopoly have some control over the market price due to the limited number of firms.
Duopoly: A market structure with only two sellers.
Omonopoly: This is not a standard economic term.
Perfect competition: A market structure with many sellers and many buyers, where no single firm can influence the market price.
Add your answer
Please share this, thanks!
No responses