MANAGEMENT

Detailed explanation-1: -Oligopoly is a market situation in which there are only a few firms in the industry producing either homogeneous products or closely differentiated products.

Detailed explanation-2: -Pure Monopoly A monopoly exists when there’s a single firm that controls the entire market. The firm and industry are synonymous. This firm is the sole producer of a product, and there are no close substitutes. Because there are no alternatives, the firm has the highest level of market power.

Detailed explanation-3: -A monopolistic market is a theoretical condition that describes a market where only one company may offer products and services to the public. A monopolistic market is the opposite of a perfectly competitive market, in which an infinite number of firms operate.

Detailed explanation-4: -Answer and Explanation: The correct option is (c) Each firm chooses the price it wants to sell. Since there are large number of sellers in the market, any change in supply by the sellers can not influence the market price.