While There Is No Specific Number of Firms That Must

Multiple Choice

While there is no specific number of firms that must dominate an industry before it is an oligopoly, the number of sellers characterizes an oligopoly when

A) there are more firms than a monopolistically competitive market.
B) there is a sufficient number of firms to satisfy the market demand.
C) the firms are so large relative to the total market that they can affect the market price.
D) the firms are so small relative to the total market that they cannot affect the market price.