When a Market Is Dominated by Only Two or a Few

question 88

True/False

When a market is dominated by only two or a few large firms, the industry is said to be a duopoly or oligopoly.

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Definitions:

Amplitude

The extent of a vibratory movement measured from the position of equilibrium.

Wavelength

The distance between successive crests of a wave, especially in sound or electromagnetic waves, determining its frequency and energy.

Purity

The state of being free from contamination, pollution, or other unwanted elements; often used in a moral or spiritual context to denote cleanliness or innocence.

Colour

The characteristic of visual perception described in terms of hue, lightness, and saturation, which objects produce by the way they reflect or emit light.