We present a theoretical study of photo-absorption in n-doped two-dimensional (2D) and quasi-2D semiconductors that takes into account the interaction of the photocreated exciton with Fermi-sea (FS) electrons through (i) Pauli blocking, (ii) Coulomb screening, and (iii) excitation of FS electronhole pairs-that we here restrict to one. The system we tackle is thus made of one exciton plus zero or one FS electron-hole pair. At low doping, the system ground state is predominantly made of a "trion-hole"-a trion (two opposite-spin electrons plus a valence hole) weakly bound to a FS holewith a small exciton component. As the trion is poorly coupled to photon, the intensity of the lowest absorption peak is weak; it increases with doping, thanks to the growing exciton component, due to a larger coupling between 2-particle and 4-particle states. Under a further doping increase, the trion-hole complex is less bound because of Pauli blocking by FS electrons, and its energy increases. The lower peak then becomes predominantly due to an exciton dressed by FS electron-hole pairs, that is, an exciton-polaron. As a result, the absorption spectra of n-doped semiconductor quantum wells show two prominent peaks, the nature of the lowest peak turning from trion-hole to excitonpolaron under a doping increase. Our work also nails down the physical mechanism behind the increase with doping of the energy separation between the trion-hole peak and the exciton-polaron peak, even before the anti-crossing, as experimentally observed.