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JAMB Economics 1982 Question 42

Question 42

Market Structures

Oligopoly means

  1. A.large number of sellers in the market
  2. B.single seller in the market
  3. C.few sellers in the market
  4. D.few buyers in the market
  5. E.single buyer in the market.
Show the answer and explanation

Answer: C (few sellers in the market)

Explanation

Oligopoly is a market with only a few sellers, each large enough to affect the others.