Columbia Tires and Pacific Tires together control 75% of the tire market in the country. This is an example of what type of market structure?

A) monopoly

B) oligopoly

C) perfect competition

D) monopolistic competition

The appropriate response is Oligopoly. It is a market structure in which few firms has the expansive dominant part of piece of the overall industry. An oligopoly is like a restraining infrastructure, aside from that as opposed to one firm, at least two firms command the market. There is no exact maximum utmost to the quantity of firms in an oligopoly, yet the number must be sufficiently low that the activities of one firm altogether effect and impact the others.