Question

Reality, Inc. is a major producer of reality television shows. The company faces fierce competition from three other major producers of similar shows. Together, Reality, Inc. and its three rivals control almost all of reality television. Their market environment is called:

Answer 1

Answer:

OLIGOPOLY

Explanation:

If Reality, Inc. is a major producer of reality television shows and the company faces fierce competition from three other major producers of similar shows. If together, Reality, Inc. and its three rivals control almost all of reality television. Their market environment is called Oligopoly

Oligopoly can be defined as a market environment or structure where a small number of firms control the market; none of which can keep the others from having significant market share or influence.  

It can also be said that Oligopoly is a collusion of a small number of firms, either explicitly or tacitly, to fix prices or control quantity supplied, in order to achieve above normal market returns.