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प्रश्न
Define the term oligopoly market.
व्याख्या
उत्तर
- An oligopoly is a market structure in which a few firms sell a similar or closely differentiated product, resulting in strong competition among them.
- It is a market structure typified by a small number of sellers and a big number of buyers.
- Each firm produces a significant part of the overall output in an oligopoly.
- When determining the price of its products, each company considers the reaction of its competitors.
- In an oligopoly, different enterprises are interdependent.
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