Illustrates the characteristics of Oligopoly

Question

Illustrates the characteristics of Oligopoly?

Answer 1

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.