Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsMarket2 Marks
Question
What is oligopoly ?
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Answer
In English, the word oligopoly is made of two roots 'oligo' and 'pollien'. Oligo means few and pollien means to sell. In short, oligopoly means the monopoly of the few sellers or producers. becomes means 'when the total supply of industry is in the hand of the few firms, each firms m monopolistic and these firms can be called oligopoly. According a to Prof. Mayers : "Oligopoly is such a condition in which there is a small number of sellers and so each seller individually places the supply in the market and he is conscious about its effect on the price".
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