ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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created by the government.
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that does not exist
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in which a few large firms dominate a market.
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A. and C.
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Detailed explanation-1: -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.
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: -An oligopoly refers to a market structure that consists of a small number of firms, who together have substantial influence over a certain industry or market. While the group holds a great deal of market power, no one company within the group has enough sway to undermine the others or steal market share.
Detailed explanation-4: -A monopoly exists in areas where one company is the only or dominant force to sell a product or service in an industry. This gives the company enough power to keep competitors away from the marketplace.
Detailed explanation-5: -A duopoly is a form of oligopoly, where only two companies dominate the market. The companies in a duopoly tend to compete against one another, reducing the chance of monopolistic market power.