Question

Suppose that there are only two firms in the automobile industry in a particular country. Which term describes the country's automobile market?

Use letters in alphabetical order to select options
A monopolistic competition
B duopoly
C double monopoly
D Nash equilibrium

Answer 1

Duopoly ( B )

Step-by-step explanation:

The term that describes a country's market whereby there are only two firms in any industry is ; Duopoly

A Duopoly economy is a type of economy whereby the entirety of an Economy is solely controlled/owned by a not more than two industries/companies, this type of economy can be said to be a form of Oligopoly in its simplest form. while a monopolistic competition involves just one company or industry controlling the economy