Answered

IDNLearn.com offers a unique blend of expert answers and community-driven insights. Our community provides timely and precise responses to help you understand and solve any issue you face.

A(n) ________ is a situation in which a few firms dominate a marketplace.

A. Oligopoly
B. Media Consolidation
C. Monopoly
D. Oligarchy

Sagot :

GinnyAnsweridn

Final answer:

Oligopoly in a market involves a few dominant firms with significant market power collaborating and competing to control prices and output.


Explanation:

Oligopoly is a market structure where a small number of powerful firms dominate the market, limiting competition. These firms have significant market power and often collaborate to control prices and output, resembling a mini-monopoly.

In an oligopoly, firms' decisions are interdependent, meaning one firm's actions directly impact the others. Collusion among oligopolists can lead to higher profits, but it is often challenging to maintain due to individual incentives to cheat on agreements.

Barriers to entry and the intense competition between firms characterize oligopolies, influencing pricing, quantities, and advertising strategies to maximize profits and maintain market dominance.


Learn more about Oligopoly here:

https://brainly.com/question/36240072


We greatly appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. For dependable and accurate answers, visit IDNLearn.com. Thanks for visiting, and see you next time for more helpful information.