Question

which of the following is characterized as having few sellers and many buyers? a a monopoly b an oligopoly c a pure competition d a monopolistic competition

Explanation:

• Option A (a monopoly) has one seller, not few.
• Option B (an oligopoly) is defined by a market with a few sellers (a small number of firms) and many buyers.
• Option C (pure competition) has many sellers and many buyers.
• Option D (monopolistic competition) has many sellers (each with differentiated products) and many buyers.

Answer:

B. an oligopoly