GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supracompetitive pricing
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Kinked Demand
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Swing Demand
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Imperfect competition
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Detailed explanation-1: -An oligopoly refers to a market with only a few sellers. Monopolistic competition refers to situations where there are many sellers, but the products are highly differentiated.
Detailed explanation-2: -Question: Does an oligopoly or a monopolistically competitive firm have a supply curve? Why or why not? Oligopoly and monopolistically competitive firms O A. do not have supply curves because there is no unique relationship between price and quantity supplied.
Detailed explanation-3: -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. In both cases, significant barriers to entry prevent other enterprises from competing.