A market structure which is dominated by only a small number of firms is called ........

General Studies (CHSL) Indian Economy

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A market structure which is dominated by only a small number of firms is called:

Monopolistic Competition

Oligopoly

Monopoly

Perfect Competition

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Explanation:

Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence.The concentration ratio measures the market share of the largest firms. A monopoly is one firm, duopoly is two firms and oligopoly is two or more firms.Oligopolies can result from various forms of collusion which reduce competition and lead to higher prices for consumers. Oligopolies have their own market structure.