Which of the Following Occurs When Only a Few Firms

question 60

Multiple Choice

Which of the following occurs when only a few firms providing a particular product or service dominate a market?

• A)Duopoly
• B)Monopsony
• C)Oligopoly
• D)Monopoly
• E)Oligopsony

---

Definitions:

Principle Of Estoppel

A legal doctrine preventing an individual or entity from making assertions or from going back on their word where actions or declarations have been made that others have relied upon.

Agency Relationship

A legal arrangement where one party, the agent, is authorized to act on behalf of another, the principal, in business transactions.

Establish A Partnership

The process of creating a partnership, which involves two or more individuals agree to share the profits and losses of a business endeavor.

Fiduciary Duty

A legal obligation requiring one party to act in the best interest of another when entrusted with care or responsibility for their property or welfare.