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Question

Which of the following is a characteristic of an oligopoly market structure?

A
A large number of firms selling a homogeneous product
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B
A small number of firms selling a homogeneous or a differentiated product
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C
A small number of firms selling a differentiated product
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D
A small number of firms selling a homogeneous product
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Solution

The correct option is B A small number of firms selling a homogeneous or a differentiated product
An oligopoly is a market structure in which a few firms dominate. It is when a market is shared between few firms selling a homogeneous or a differentiated product.

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