Asked by robin singh on Jun 09, 2024
Verified
An industry that consists of two firms is:
A) a duopoly.
B) a monopoly.
C) a monopsony.
D) monopolistic competition.
Duopoly
A market structure in which two companies own all or nearly all of the market for a given product or service.
- Identify different market structures, including duopoly, monopoly, monopsony, and monopolistic competition.
Verified Answer
LM
Leigh MemunatuJun 12, 2024
Final Answer :
A
Explanation :
A duopoly is an industry consisting of two firms that have a significant market share and compete with each other. They may collude to limit competition or compete aggressively to gain a larger market share. Therefore, A) is the best choice for this question.
Learning Objectives
- Identify different market structures, including duopoly, monopoly, monopsony, and monopolistic competition.
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