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Meaning of oligopoly market?

Meaning of oligopoly market?
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Answer #1

Oligopoly market is a market in which there is small of sellers and large number of buyers.

Characteristics are-

1-Entry of new firms is partially restricted.

2-Existing firms earn abnormal profit even in the long run.

3-Product maybe homogeneous or differentiated.Differentiated products helps in price control.

4-Huge cost is incurred in advertisement.

5-Firms are interdependent on each other i.e the price of each firms depends on the other.

6-It is not possible to draw the demand curve of such firms.

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