ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Oligopoly = A market structure characterized by barriers to entry and a few firms. Oligopoly is a fascinating market structure due to interaction and interdependency between oligopolistic firms.

Detailed explanation-2: -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-3: -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-4: -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-5: -Perfect competition is a form of market with many firms and buyers. Perfect competition has the largest number of firms compared to all the other market structures.