An oligopoly is an industry market structure with

A) a single firm in which the entry of new firms is blocked.
B) a small number of firms each large enough to impact the market price of its output.
C) many firms each able to differentiate their product.
D) many firms each too small to impact the market price.

Oligopoly

An oligopoly is a market structure characterized by a small number of firms whose decisions about production and pricing significantly affect competition.

Market Price

The current price at which an asset or service can be bought or sold, determined by supply and demand dynamics in a competitive market.

Small Number

A numerical value that is considered to be less than the expected or average size or amount.