Question

An oligopoly exists when there is a lot of variety in the number of sellers and producers of media content, but not much variety in what they actually produce.

Answer 1

An oligopoly does not exist when there is a lot of variety in the number of sellers and producers of media content.

What is an oligopoly-

An Oligopoly is a type of market in which :

• Few numbers of buyers and sellers.
• High capital cost to entry in the market.
• Similar but slightly different products. (eg. Cold drink companies)
• Entry may be restricted to a few firms
• there can be informal cartels within the existing firms which do not allow others to come in.
• The action of one firm has an effect on the whole market, this will leads to a prisoner's dilemma.

An example of an oligopoly market is - the Organisation of petroleum exporting countries(OPEC).

Disclaimer- The Question is incomplete the question may be "An oligopoly exists when there is a lot of variety in the number of sellers and producers of media content, but not much variety in what they actually produce. Is this statement true or false?"

To learn more about the types of markets please click on the link

brainly.com/question/24877850

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