Concept:An oligopoly is a market structure where a few large sellers dominate while many buyers are present.
Explanation:In an oligopoly, the few sellers control a large portion of the market supply.
These firms are interdependent, so the pricing and output decisions of one firm directly affect the others.
This often results in price rigidity or intense non-price competition among the sellers.
A duopoly consists of exactly two sellers, while a monopoly has only one seller.
Perfect competition, on the other hand, requires many sellers and many buyers, with no single firm able to influence the market.
Because the question states few sellers and many buyers, the market is best described as an oligopoly.
Answer:D. Oligopoly