ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answer and Explanation: It is a false statement. This statement is false because each firm is a price taker in a perfectly competitive market. In an oligopoly market, the firm has some control over the price because each firm has few shares in the market.

Detailed explanation-2: -True: An oligopoly is dominated by a few firms who often act interdependently.

Detailed explanation-3: -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-4: -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-5: -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.