A market situation where there is a small number of large suppliers is called:
A.
Oligopoly
B.
Monopoly
C.
Perfect competition
D.
Monopsony
The Answer Is:
A
This question includes an explanation.
Explanation:
Explanation
A monopoly is a single supplier (or for some authorities where one supplier has control of the market eg 75% market share); a monopsony is a single buyer.
Perfect competition involves many suppliers and many buyers.
The clue here is the 'small number' of suppliers.
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