GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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There are two or more monopolistic firms.
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There are few firms producing close substitutes.
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There are few firms producing complementary goods.
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There are few firms producing entirely different goods.
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Detailed explanation-1: -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.
Detailed explanation-2: -Oligopoly is a market structure in which there are few sellers of a product and additional sellers cannot easily enter the industry. Monopsony is a market structure in which there is a single buyer of a commodity or input for which there are no close substitutes.
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: -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.