India Exam Junction
15. A market structure dominated by only a few firms is called
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
Correct Answer :
Oligopoly
Solution
An oligopoly is a market structure in which a few large firms dominate the market. These firms have significant control over pricing and supply, but they are interdependent, meaning the actions of one firm can influence the actions of the others. Due to the limited number of firms, they often engage in strategic planning and competitive tactics.