An oligopoly is a market structure characterized by a small number of firms that dominate the industry, leading to limited competition. These firms have significant market power, allowing them to influence prices and output levels. Oligopolistic markets often exhibit interdependence, where the decisions of one firm directly affect the others. Common examples include industries such as telecommunications, automotive, and airlines.
Monopoly means an absolute power to produce and sell a product which has no close substitution. Oligopoly means a few sellers sell differentiated or homogeneous products. e g automobile industry
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Monopoly means an absolute power to produce and sell a product which has no close substitution. Oligopoly means a few sellers sell differentiated or homogeneous products. e g automobile industry
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