ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Oligopolydescribes a market dominated by a few large, profitable firms. Oligopoly looks like an imperfect form of monopoly. Economists usually call an industry an oligopoly if the four largest firms produce at least 70 to 80 percent of the output.

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 is a market with only one producer, a duopoly has two firms, and an oligopoly consists of two or more firms. 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.