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Non-Competitive Markets — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsNon-Competitive Markets3 Marks
Question
Explain why are firms mutually interdependent in an oligopoly market.
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Answer

Firms are mutually interdependent because an individual firm takes decision about price and output after considering the possible reactions by the rival firms.

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