A market situation with few sellers and many buyers is called

Step 1: Analyze the question The question describes a market with few sellers and many buyers. We need the market structure name that matches this.

Step 2: Key concepts (market structures by number of sellers/buyers)

• Monopoly: one seller, many buyers
• Duopoly: exactly two sellers
• Oligopoly: a few sellers (more than two, but small in number), many buyers
• Perfect competition: many sellers and many buyers
• Monopsony: one buyer, many sellers

Step 3: Match the description

• "Few sellers" rules out perfect competition (many sellers) and monopsony (one buyer).
• It is not a monopoly, because that has only one seller.
• A duopoly is a special case with exactly two sellers. The question says "few," which is the general term and points to oligopoly.
• Oligopoly fits best. Examples in Nigeria include the cement industry (Dangote, BUA, Lafarge), the telecoms sector (MTN, Airtel, Glo, 9mobile), and the flour milling industry.

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

Tip: Remember the prefixes:

• Mono = one, Duo = two, Oligo = few.
• "-poly" refers to sellers, while "-psony" refers to buyers.

So "few sellers" = oligopoly.