What term describes a situation where sellers of a product cooperate to fix prices or divide the market among themselves?

Explanation

The correct answer is 'Oligopoly.' This market structure involves a few sellers who may collaborate to set prices or allocate market share. While 'collusion' refers to the act of cooperating, the overall market condition described is an oligopoly. Monopoly refers to a single seller dominating the market, which is not the case here.