When the number of competitors in a market is small, a situation known as ________ is created
A) monopoly
B) duopoly
C) oligopoly
D) monopolistic competition
E) pure competition
Answer: C
Explanation: When the number of competitors in a market is quite small, a situation known as oligopoly is created. Customers have some choice, unlike in a monopoly, but not as many choices as in monopolistic competition.
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