Question

question 6 of 8
amanda runs a business that has a few competitors. while her industry usually offers standardized products, she has some ability to differentiate them. she also has significant control over pricing. what type of market structure is her business?
oligopoly
monopoly
perfect competition
monopolistic competition

Explanation:

In an oligopoly, there are few competitors. Firms can differentiate products and have significant pricing - power. In a monopoly, there is a single firm. In perfect competition, there are many firms with no product differentiation and no pricing - power. In monopolistic competition, there are many firms with some product differentiation but less pricing - power compared to oligopoly.

Answer:

A. Oligopoly