ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The high costs of setting up business in markets characterized by oligopoly structure make it difficult for new firms to enter the market.

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. Some oligopoly markets are competitive, while others are significantly less so, or can at least appear that way.

Detailed explanation-3: -There is no precise upper limit to the number of firms in an oligopoly, but the number must be low enough that the actions of one firm significantly influence the others. A monopoly is one firm holding concentrated market power, a duopoly consists of two firms, and an oligopoly is two or more firms.

Detailed explanation-4: -True: An oligopoly is dominated by a few firms who often act interdependently.

Detailed explanation-5: -An oligopoly is when a few companies exert significant control over a given market. Together, these companies may control prices by colluding with each other, ultimately providing uncompetitive prices in the market.