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Non-Competitive Markets — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsNon-Competitive Markets1 Mark
Question
Define oligopoly.
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Answer

Oligopoly is a market structure characterised by the presence of a few large firms (producing homogeneous or differentiated products) intensely competing against each other and recognising interdependence in their decision-making.

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