ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An oligopoly is defined as a market structure with few firms and barriers to entry. Oligopoly = A market structure with few firms and barriers to entry. There is often a high level of competition between firms, as each firm makes decisions on prices, quantities, and advertising to maximize profits.

Detailed explanation-2: -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-3: -The term “oligopoly” refers to an industry where there are only a small number of firms operating. In an oligopoly, no single firm enjoys a large amount of market power.

Detailed explanation-4: -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-5: -Oligopoly is a market that has a few large firms. Monopoly is a market that has a few large firms. Duopoly is a market that has a few large firms. Perfect competition is a market that has a few large firms.