One of the characteristics of oligopoly is the availability of
ECONOMICS
JAMB 2011
One of the characteristics of oligopoly is the availability of
- A. few sellers
- B. few buyers
- C. many sellers
- D. a single seller
Correct Answer: A. few sellers
Explanation
Oligopoly is a state of limited competition, in which a market is shared by a small number of producers or sellers. One of the major features of oligopoly is Few sellers. In an oligopoly setting, there are just few sellers who control all or most of the sales in the industry. The barrier to entry by new comers is very high.
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