Question

a market is considered to be a(n) when the largest four firms in an industry control more than 40% or more of the market..

Answer 1

The phenomenon "a market is considered to be a(n) when the largest four firms in an industry control more than 40% or more of the market" is known as an oligopoly.

What is an oligopoly?

Generally, an Oligopoly is a kind of market structure in which a few major sellers or manufacturers control a market or industry. Oligopoly may refer to either a market or an industry.

Oligopolies are often the consequence of a drive to maximize profits, which frequently results in a collaboration between competing businesses.

Oligopoly refers to a market structure that is defined by a limited number of enterprises that are aware that their pricing and production strategies are depending on one another.

The number of businesses is low enough that each one may have some influence on the market.

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