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Market — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsMarket2 Marks
Question
Mention the characteristics of oligopoly.
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Answer

  • In oligopoly :
  • There are few sellers and innumerable buyers.
  • The producer sells homogeneous or close substitutes goods.
  • Entry of the firm is dependent on the type of monopoly.
  • Selling cost of a product is inevitable.
  • Due to mutual interdependence of firms, the demand curve of firm is kinked (Kinky).

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