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23 November, 07:56

A market that is dominated by a few firms is called a (n) Select one: a. gerontology. b. theocracy. c. biopsy. d. oligopoly.

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  1. 23 November, 08:24
    0
    The correct answer is letter "D": oligopoly.

    Explanation:

    An oligopoly is when a market is controlled by a small group of two or more firms. Businesses in an oligopoly can agree to price collusion and create barriers to entry for new commerce. If the businesses do not, they would likely be forced to lower their prices and open the market for newer smaller firms.
  2. 23 November, 08:24
    0
    D. Oligopoly

    Explanation:

    When a market is shared between a few firms, it is said to be highly concentrated. Although only a few firms dominate, it is possible that many small firms may operate in the market.
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