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

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsNon-Competitive Markets2 Marks
Question
Distinguish between collusive and non-collusive oligopoly.
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Answer

Collusive oligopoly refers to a situation where firms cooperate with each other rather than compete in setting price and output. Agreement (written or oral) may be entered to cooperate by raising prices, restricting output, dividing markets or otherwise. Whereas Non-collusive oligopoly refers to the situation where firms compete with each other and follow their own price and output policy independent of the rival firms. Every firm tries to increase its market share through competition.

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