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Question
'A few big sellers' is a characteristic of ______.
Options
Perfect competition
Monopolistic Competition
Oligopoly
All the above
Solution
'A few big sellers' is a characteristic of oligopoly.
Explanation:
An oligopoly is defined as a market structure in which only a few large sellers or enterprises dominate the market. These corporations have considerable market power and may affect prices and output. This differs with perfect and monopolistic competition, which have a large number of sellers.
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| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
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