Q. 10

Explain the meani

Answer :

a. Noncompetition: An oligopoly firm ignores the price competition. They focus more on the nonprice competition. They adopt a series of policies of aggressive nonprice competition. The products in the oligopoly market must have the same price.

b. Few sellers: There are few but large firms existing in the oligopoly market. These firms have a majority in supply, the ability to control the market price and the quantity of the output.

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What is the minimEconomics - Board Papers