A market situation with few sellers and many buyers is called

Step 1: Analyze the question The question asks for the name of a market with few sellers and many buyers.

Step 2: Explain the concept Market structures are classified by the number of sellers (suppliers):

• Perfect competition: very many sellers, homogeneous products, free entry and exit.
• Monopoly: only one seller.
• Duopoly: exactly two sellers.
• Oligopoly: a few sellers (usually more than two but still a small number) who dominate the market, with many buyers. Examples in Nigeria include the telecoms industry (MTN, Airtel, Glo, 9mobile) and the cement industry (Dangote, BUA, Lafarge).

Step 3: Solve step by step

• A. Duopoly: only two sellers. This is a specific case of "few", but the general term for "few sellers" is oligopoly.
• B. "Omonopoly" is a misprint of monopoly, which means one seller. Not correct.
• C. Perfect competition: many sellers. Not correct.
• D. Oligopoly: a few sellers and many buyers. This matches the description.

Step 4: Answer The correct option is D. oligopoly.

Tip: Remember the Greek roots: mono = one, duo = two, oligo = few, poly = many. When a question says "few sellers", think oligopoly. When it says exactly two, think duopoly.