Question

An industry that has one large firm that provides 60% of the supply of the product is called an oligopoly.

a. True
b. False

Answer 1

The statement " An industry has one large firm that provides 60% of the supply of the product is called an oligopoly" is false.
Because in an oligopoly more than one firm dominate the market and in monopoly only firm is dominant. In Oligopoly there is small number of firms but have the market share in large majority.