Economics · Market Structures
Which of the following statements correctly defines an oligopoly?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1If the market of a particular commodity consists of just one seller and the number of customers is few, the market structure is termed as oligopoly.
- 2If the market of a particular commodity consists of more than one seller but the number of sellers is very high, the market structure is termed as olig opoly.
- 3If the market of a particular commodity consists of just one seller but the number of customers is very high , the market structure is termed as oligopoly.
- 4If the market of a particular commodity consists of more than one seller, but the number of sellers is few, the market structure is termed as oligopoly.✓
Correct answer
If the market of a particular commodity consists of more than one seller, but the number of sellers is few, the market structure is termed as oligopoly.
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