What market structure is characterized by the presence of only a small number of major sellers offering a product?

Multiple choice question for International Relations. Select an option, then review the explanation below.

Explanation

An oligopoly is a market form where a limited number of firms dominate the selling of a product. Unlike a monopoly where only one firm exists, or a plutocracy which refers to governance by the wealthy, an oligopoly involves a few sellers influencing the market. Autarky refers to economic independence and self-sufficiency, not market structure.

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What market structure is characterized by the presence of only a small number of major sellers offering a product?

Explanation

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