Question

Give an economic term:

The market where there are few sellers.

Give an economic term:

The type of market where there are few sellers.

Answer 1

Oligopoly

Explanation:

An oligopoly is the primary economic term for a market structure characterized by a small number of sellers. In this, a few firms dominate the industry, often featuring high barriers to entry and interdependence, where one firm’s pricing and marketing decisions significantly affect others.