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ISM INTE Exam - Topic 2 Question 4 Discussion
Topic #: 2
Which of the following describes a market structure where there are few sellers and many buyers and where price is controlled by either an industry leader or a cartel?
An oligopoly is a market structure where a few sellers dominate the market and many buyers ex-ist. In such a market, prices and output levels are often controlled by the leading firms or through collusion, such as forming a cartel. These firms hold significant market power, which allows them to influence prices and other market factors. Oligopolies are common in industries where high en-try barriers exist, such as telecommunications, airlines, and oil and gas. Reference:
* Perloff, J. M. (2016). Microeconomics: Theory and Applications with Calculus. Pearson.
* Mankiw, N. G. (2014). Principles of Microeconomics. Cengage Learning.
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