A market condition in which the few firms ( 2 or more but not many)produce or sell a produce is known as _

The market condition you are referring to is known as oligopoly. In an oligopolistic market, a small number of firms dominate the market, and each firm holds significant market power. This structure leads to a situation where the actions of one firm can greatly affect the others.

Oligopolies can arise for various reasons: barriers to entry, economies of scale, and the need for high capital investment can limit the number of firms in a market. As a result, these firms often engage in strategic decision-making regarding pricing, production, and marketing. Common characteristics of oligopolies include interdependent pricing, product differentiation, and potential for collusion, where firms may coordinate their actions to maximize profits, though this can lead to legal issues.

In summary, an oligopoly is characterized by a few firms that produce or sell a particular product, creating a market dynamic that is distinct from more competitive or monopolistic structures.