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Illustrates the characteristics of Oligopoly

Illustrates the characteristics of Oligopoly?

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Oligopoly:

It is a distinct market condition. This has the given features as follows:

  • There is an component of Monopoly
  • Advertising must be effective.
  • The firms are interring dependent for decision making.
  • Firms must have group behavior.
  • The number of producers or firms or sellers is extremely small.
  • Indeterminateness of demand curve.
  • Product is the same or closes substitutes to each other.

 

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