Homogeneous oligopoly exists where a small number of firms are

A) producing virtually identical products.
B) setting price and output independently.
C) setting price and output collusively.
D) producing differentiated products.

Homogeneous Oligopoly

A market structure featuring a small number of firms offering products or services that are largely identical or undifferentiated.

Virtually Identical

Items or situations that are almost the same or very closely resemble each other in most aspects.

Price

The amount of money required to purchase a good or service, often determined by the interplay of supply and demand.