Oligopolies that produce identical products such as steel have

A) no control over the price of their product because of the availability of perfect substitutes.
B) no control over the price of their product because of the large number of buyers in the market.
C) some control over the price of their product because each firm sells a substantial share of the market.
D) some control over the price of their product because of the small number of buyers in the market.

Identical Products

Goods that are exactly the same in every aspect, often seen in perfectly competitive markets where products are indistinguishable between suppliers.

Control Over Price

The ability of a firm or market participant to influence or set the price of goods or services, often seen in markets with limited competition.

Steel

An alloy of iron and carbon, and sometimes other elements, widely used in construction and manufacturing due to its strength and durability.