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Questions
Give an economic term:
The market where there are few sellers.
Give an economic term:
The type of market where there are few sellers.
One Word/Term Answer
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Solution
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.
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Chapter 5: Forms of Market - EXERCISE [Page 52]
