The market structure in which the behavior of any given firm depends on the behavior of the other firms in the industry is

Business

1 answer:

igomit [66]2 years ago

7 0

Answer:

Oligopoly.

Explanation:

The market structure in which the behavior of any given firm depends on the behavior of the other firms in the industry is oligopoly.

An oligopoly can be defined as a market structure comprising of a small number of firms (sellers) offering identical or similar products, wherein none can limit the significant influence of others.

Hence, it is a market structure that is distinguished by several characteristics, one of which is either similar or identical products and dominance by few firms.

<em>The characteristics of an oligopolistic market structure are;</em>

<em>1. Mutual interdependence between the firms. </em>

<em>2. Market control by many small firms.</em>

<em>3. Difficult entry to new firms. </em>

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