When only a small number of producers compete with each other, it is a defining characteristic of A

Marketing Dec 28, 2020

When only a small number of producers compete with each other, it is a defining characteristic of

A. monopolistic competition.

B. oligopoly.

C. efficient competition.

D. inelastic supply.

Expert Solution

The correct answer is b. oligopoly.

An example of an oligopoly is the airline industry in the United States, where there are a few, select companies that have most of the market share (e.g. United, Delta, Southwest, American Airlines, etc.).

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