Question

Reality, Inc. is a major producer of reality television shows. The company faces fierce competition from three other major producers of similar shows. Together, Reality, Inc. and its three rivals control almost all of reality television. Their market environment is called

Answer 1

an oligopoly

Step-by-step explanation:

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Answer 2

an oligopoly

Step-by-step explanation:

An oligopoly is a market form with limited competition in which a few producers control the majority of the market share and typically produce similar or homogenous products. Due to the small number of firms and lack of competition, this market structure often allows for partnerships and collusion.