JAMB - Economics (2024 - No. 3)
A market situation with few sellers and many buyers is called
duopoly
Omonopoly
perfect competition
oligopoly
Forklaring
An oligopoly refers to a market situation where there are a few dominant sellers or firms operating in the market. These sellers have a substantial market share and can influence market conditions, including prices and competition. Oligopoly often involve intense competition among the few sellers.