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

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