Question

True or False: A monopoly in a small market, such as the only grocery store in an isolated rural community, is known as an oligopoly. This is _____. Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices true

Answer 1

Answer: False

Explanation: An Oligopoly is not a Monopoly, because an Oligopoly can consist of many firm not a particular one.

It is not only classified in an isolated rural community.