ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Oligopoly = A market structure characterized by barriers to entry and a few firms.

Detailed explanation-2: -The correct answer is d. A monopoly market system is a structure that has entry barriers. The market usually has entry barriers because it is characterized by having one seller of a particular good. No other firm produces that specific product; thus, the product being sold has no replacements.

Detailed explanation-3: -Oligopoly Characteristics. Profit maximization conditions: An oligopoly maximizes profits by producing where marginal revenue equals marginal costs. Ability to set price: Oligopolies are price setters rather than price takers. Entry and exit: Barriers to entry are high.

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: An Overview. A monopoly and an oligopoly are market structures that exist when there is imperfect competition. A monopoly is when a single company produces goods with no close substitute, while an oligopoly is when a small number of relatively large companies produce similar, but slightly different goods.