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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 perfect oligopoly and imperfect oligopoly.
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Answer

  1. Perfect Oligopoly: In an oligopoly industry, if the firms produce homogeneous products, it is called perfect oligopoly.

  2. Imperfect Oligopoly: If the firms, under oligopoly industry, produce differentiated products, it is called imperfect oligopoly.

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