ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Oligopoly. means few sellers. In an oligopolistic market, each seller supplies a large portion of all the products sold in the marketplace. In addition, because the cost of starting a business in an oligopolistic industry is usually high, the number of firms entering it is low.

Detailed explanation-2: -Oligopoly markets are markets dominated by a small number of suppliers. They can be found in all countries and across a broad range of sectors.

Detailed explanation-3: -An oligopoly refers to a market with only a few sellers. Monopolistic competition refers to situations where there are many sellers, but the products are highly differentiated. There are several important nuances to explore between these types of markets.

Detailed explanation-4: -There is no precise number of companies that qualifies a market as an oligopoly. But as a rough guideline, the number of sellers must exceed two and be less than about five.

Detailed explanation-5: -In an oligopoly, a few sellers supply a sizable portion of products in the market. They exert some control over price, but because their products are similar, when one company lowers prices, the others follow. In a monopoly, there is only one seller in the market.