Question on: JAMB Economics - 2024
A market situation with few sellers and many buyers is called
A
duopoly
B
Omonopoly
C
perfect competition
D
oligopoly
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Correct Option: D
An oligopoly is a market structure characterized by a few sellers and many buyers. The sellers in an oligopoly have some control over the market price due to the limited number of firms.* Duopoly: A market structure with only two sellers.* Omonopoly: This is not a standard economic term.* Perfect competition: A market structure with many sellers and many buyers, where no single firm can influence the market price.
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